Foreclosure filings rise 32 percent in Evanston

The Woodstock Institute reports that foreclosure filings in Evanston increased at a faster pace in Evanston during the third quarter of this year than in the metro area as a whole.

Filings in Evanston increased 31.8 percent, from 62 in the third quarter of 2009 to 102 in this year’s third quarter.

By comparison, they rose 28 percent in the six-county region and 25 percent in Cook County as a whole.

But the number of properties that completed the foreclosure process — by going through a court-ordered auction — was much lower, with just 34 properties in Evanston auctioned off in the third quarter, an increase of just three percent from the same period a year earlier.

All of those properties ended up being purchased by the bank that held the mortgage.

For the six-county region, auctions rose nearly 45 percent compared to the same quarter a year ago and in Cook County as a whole they were up 50 percent.

Woodstock Institute officials say they see no sign that the foreclosure crisis is likely to end any time soon.

Related link

Third quarter 2010 foreclosure filings and auctions (Woodstock Institute)


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