Chicago is quickly becoming a hotspot for residential investment opportunities, over the past year, the amount of Chicago foreclosures has gone down. Though, in October the number spiked momentarily. Continue reading to learn more.
I’ve updated my Chicago foreclosure activity graph below with the October data from ATTOM Data Solutions’ RealtyTrac Web site which came out late last week. October broke the trend of the previous 4 months which had shown a steady decline in activity. Each of the components was up from September but keep in mind that September set a record low in activity. Also, October activity in total was 23% lower than last year.
At least with bank repossessions up to a 4 month high we know that the backlog of foreclosures is being resolved.
Chicago Shadow Inventory
Speaking of resolving the backlog of foreclosures…when you look at the actual numbers in the graph below it doesn’t look like we’ve made much progress from September. The “shadow inventory” is essentially unchanged at 7140 units, though it has been steadily trending downward in the long run. Just a reminder that we are now at less than 1/5th the level that we were at when I first started tracking this metric.