Foreclosures double across U.S.
The number of foreclosure filings doubled in one year across the country.
According to RealtyTrac, Inc. a total of 223,538 foreclosure filings were issued in September, a 99 percent increase over the same month last year.
It is the second highest month for foreclosure filings. August was the month that saw the highest number of foreclosures.
Foreclosures were up 12.5 percent in Chicago during August. However, it was states that have seen the most speculative development that saw the highest number of foreclosures.
California, Nevada, and Florida led the nation in foreclosures during September.
Homeowners are facing fewer options when it comes time to refinance a troubled mortgage. Banks and lenders are tightening requirements for new loans and offering fewer options to cash-strapped homeowners.
For a home to be in foreclosure, the owner must first fall behind on payments by two to three months. The bank will then consider the mortgage to be in default.
If the homeowner can’t get back on track with the payments, the bank will then put the home up for auction.
As foreclosures increase around the city, buyers looking for Chicago Real Estate should start to find excellent prices in many neighborhoods.
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