This cheering up comes with a side dish of cold water in the face!
In the month of November, according to RealtyTrac.com, as reported in today's Chicago Tribune, (also see our BlogChicagoHomes.com posting), U.S. foreclosure filings dropped 10% versus the October, 2007. The bad news - the 210, 950 filings were 68% ahead of the November, 2006 figure of 120,334 homes.
Although a positive sign, of course, the figures still bode poorly for the sluggish real estate markets in Chicago, in the State of Illinois, and across the country.
Five out of ten metro markets that made the notorious Top 10 List for Foreclosure Filings per household were in California. Stockton, California had one foreclosure filed for every 99 households. Modesto was number two, followed by Merced. Other cities rounding out the Top Ten were Las Vegas, Nevada, Greeley, Colorado, and Miami and Cape Coral-Fort Meyers, Florida. At one foreclosure filed per 138 households, Detroit, Michigan was ranked number 5 on this list. The Chicago Metro Area did not rank among the Worst 10.
The State of Illinois came up tenth in the statewide rankings - with one foreclosure for every 624 households, an increase of nearly 36% over November, 2006.
View the full source article and accompanying Table-by-State at RealtyTrac.com.
DEAN & DEAN'S TEAM CHICAGO
