News & trendsMarket conditions

Chicago’s foreclosure rate fifth highest among 20 largest metros

by Joe Zekas on 7/26/12

RealtyTrac today released its Midyear 2012 Metropolitan Foreclosure Market Report, which:

… shows that foreclosure activity in the first half of 2012 increased from the previous six months in 125 of the nation’s 212 metropolitan areas with a population of 200,000 or more. Despite the increases from the second half of 2011, 129 of the metro areas still posted year-over-year decreases in foreclosure activity.

California accounted for seven of the 10 highest metro foreclosure rates and 10 of the top 20 metro foreclosure rates during the first half of the year. Florida accounted for four of the top 20 metro foreclosure rates, and Illinois accounted for two of the top 20. Georgia, Arizona, Nevada and Colorado each had one city in the top 20.

“Increasing foreclosure starts in many local markets helped push total foreclosure activity higher in the first half of this year compared to the second half of 2011,” said Brandon Moore, CEO of RealtyTrac. “Those foreclosure starts are welcome news for prospective buyers and real estate brokers in many local markets where a shortage of aggressively priced inventory has been holding up sales activity. Markets with increasing foreclosure starts will likely see more distressed inventory for sale in the form of short sales and bank-owned properties in the second half of the year.”

Half of the nation’s 20 largest metro areas in terms of population documented increasing foreclosure activity from the previous six months, led by the Tampa-St. Petersburg-Clearwater metro area in Florida with a 47 percent increase.

Foreclosure activity during the first half of the year increased more than 20 percent from second half of 2011 in Philadelphia (30 percent), Chicago (28 percent), New York (26 percent), and Baltimore (21 percent).

Seattle foreclosure activity in the first half of 2012 decreased 24 percent from the previous six months, the biggest drop among the nation’s 20 largest metro areas. Other large metro areas where first half foreclosure activity decreased more than 10 percent from the second half of 2011 were San Francisco (21 percent), Detroit (17 percent), Los Angeles (13 percent), Boston (12 percent), and San Diego (11 percent).

Despite a 9 percent decrease in foreclosure activity from the previous six months, the Riverside-San Bernardino-Ontario metro area in Southern California registered the highest foreclosure rate among the 20 largest metro areas, followed by Atlanta, Phoenix, Miami and Chicago.

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