Chicago-area foreclosure rates in sharp decline

Foreclosure rates in Chicago-Naperville-Arlington Heights decreased for the month of October over the same period last year, according to newly released data from CoreLogic.

The CoreLogic data reveals that the rate of Chicago-Naperville-Arlington Heights area foreclosures among outstanding mortgage loans was 3.70 percent for the month of October 2013, a decrease of 2.04 percentage points compared to October of 2012 when the rate was 5.74 percent. That represents a 36% year-over-year decline in the foreclosure rate.

Foreclosure activity in Chicago-Naperville-Arlington Heights was higher than the national foreclosure rate, which was 2.15 percent for October 2013.

The local mortgage delinquency rate also decreased. According to CoreLogic data for October 2013, 7.81 percent of mortgage loans were 90 days or more delinquent compared to 10.26 percent for the same period last year, representing a 24% decrease in the delinquency rate.

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