Visit our Filed page for categories. To browse by specific topic, see our Inside page. For a list of companies covered on this site, visit our Companies page.


Illinois, Chicago foreclosures on the rise again

A boarded-up house in foreclosure, left, in the Belmont-Cragin neighborhood on Chicago's North Side, July 13, 2010. (Chris Walker/Chicago Tribune)

Foreclosure activity in Illinois was on the rise again last month, after a slowdown earlier this year caused by investigations into lenders’ foreclosure processes.

During March, lenders filed notices of default and started foreclosure proceedings against 7,428 homes in Illinois while scheduling court-supervised auctions against 1,919 properties and repossessing another 2,706 homes that became bank-owned. The overall number of properties caught up in the foreclosure process last month, 12,053, was a decline of 15 percent from March 2010 but up 25 percent since February. Get the full story »

Processing woes lower mortgage default notices

More than 8,300 homeowners in Illinois received notices from lenders that they’d defaulted on their mortgages and had foreclosures proceedings initiated against them last month, according to a monthly foreclosure report issued Thursday by Web site RealtyTrac.

In addition to the 8,345 homeowners receiving default notices, another 1,908 received notice that their homes were scheduled for court-ordered auction and 2,910 homes in the state were repossessed by lenders. Get the full story »

Chicago-area foreclosures soar 20% in 2010

A vacant home in Chicago Lawn, Feb. 16, 2009. (Antonio Perez/Chicago Tribune)

Bank repossessions of foreclosed homes in the Chicago region soared almost 20 percent, to more than 45,000 properties in 2010, despite various government and lender programs designed to keep people in their properties and a slowdown in fourth-quarter activity due to investigations of foreclosure procedures, new data show.

According to RealtyTrac, the online marketplace for foreclosure properties, 45,555 homes became bank-owned last year in the area between the Wisconsin border and northwest Indiana.

Also during the year, mortgage servicers filed 83,429 initial notices of default, the first step in the foreclosure process.

In the Chicago area last year, foreclosure filings totaled 80,618 in Cook County; 10,646 in DuPage; 9,041 in Kane; 2,612 in Kendall; 11,026 in Lake; 5,385 in McHenry; and 11,027 in Will. Get the full story »

Banks repossess 1 million U.S. homes in 2010

Banks repossessed more than 1 million homes in 2010, marked the highest annual tally of properties lost to foreclosure on records dating back to 2005, RealtyTrac said.

And this year is expected to be even bleaker. “2011 is going to be the peak,” said Rick Sharga, a senior vice president at foreclosure tracker RealtyTrac Inc.

Lenders are poised to take back more homes this year than any other since the U.S. housing meltdown began in 2006. Get the full story »

Foreclosures drop because of document flaws

The number of U.S. homes taken back by lenders dropped to the lowest level in 18 months in November, the result of foreclosure freezes enacted by several banks following allegations that evictions were handled improperly.

Home repossessions dropped 28 percent from October and 12 percent from November last year, foreclosure listing firm RealtyTrac Inc. said Thursday.

Survey: 48% OK with walking away from mortgage

Nearly half of consumer say they are comfortable with the idea of walking away from homes with underwater mortgages — an ominous sign if the expected rise in foreclosures next year puts additional pressure on home prices.

Some 48 percent of homeowners with a mortgage said they’d consider a strategic default if the amount they owned on their mortgage was higher than the value of the property. Six months ago, just 41 percent of consumers said they’d consider it, according to a survey released Tuesday by realty Web sites Trulia and RealtyTrac. Get the full story »

Foreclosures up in Illinois, bucking U.S. decline

A sharp uptick in initial foreclosure filings in Illinois meant the state did not follow the pattern of the nation as a whole, which saw a 4 percent decrease in foreclosure filings in October.

The number of homes that received an initial notice of default in Illinois, the first step in the foreclosure process, rose 24 percent in October, to 8,388 Illinois homes, from 6,780 in September. Altogether, the number of all types of foreclosure filings in Illinois totaled 16,969 last month, an increase of almost 7 percent from September but down almost 15 percent from a year ago. Get the full story »

Illinois home foreclosures fall 14% from July

The fewest number of initial foreclosure notices were sent to Illinois homeowners in August since February but more than 4,000 homes in the state continue to be repossessed by lenders each month, new data shows.

In August, 6,912 Illinois homeowners received notice that their loans were in default and their lender had started foreclosure proceedings against them, a decrease of almost 19 percent from July’s activity, RealtyTrac reported. Get the full story »