Chicago-area foreclosure rate plummets year-over-year

Foreclosure rates in Chicago-Joliet-Naperville decreased 31.3% for the month of August over the same period last year, according to newly released data from CoreLogic.

The CoreLogic data reveals that the rate of Chicago-Joliet-Naperville area foreclosures among outstanding mortgage loans was 4.25 percent for the month of August 2013, a decrease of 1.94 percentage points compared to August of 2012 when the rate was 6.19 percent.

Foreclosure activity in Chicago-Joliet-Naperville was 80% higher than the national foreclosure rate, which was 2.36 percent for August 2013.

According to CoreLogic data for August 2013, 8.23 percent of mortgage loans in the metro area were 90 days or more delinquent compared to 10.49 percent for the same period last year, representing a decrease of 2.26 percentage points or 21.5%.

The foreclosure rate reflects the percentage of loans in some stage of the foreclosure process.

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