Chicago-area foreclosure rate drops sharply year-over-year

Foreclosure rates for the month of July in the Chicago metro area decreased sharply over the same period last year, according to newly-released data from CoreLogic.

The CoreLogic data reveals that the rate of Chicago-area foreclosures among outstanding mortgage loans was 2.66 percent for the month of July 2014, a 36.5% decrease from July of 2013 when the rate was 4.19 percent. Chicago-area foreclosure activity remained significantly higher than the national foreclosure rate, which was 1.66 percent for July 2014.

The local mortgage delinquency rate decreased for July 2014 was 25% lower than the corresponding month a year ago. In July 2014 6.39 percent of mortgage loans were 90 days or more delinquent.

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