Completed foreclosures plummet in metro Chicago area

CoreLogic released its May National Foreclosure Report yesterday. According to CoreLogic, for the month of May 2014, there were 47,000 completed foreclosures nationally, down from 52,000 in May 2013, a year-over-year decrease of 9.4 percent. On a month-over-month basis, completed foreclosures were up by 3.8 percent from the 45,000 reported in April 2014. As a basis of comparison, before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006.

The number of completed foreclosures in the Chicago metro area during the 12 months ending May 2014 was 11,813, a 50.7% decrease from the 23,981 foreclosures during the 12 months ending May 2013.

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