Chicago has recently received a bit of good news concerning its ultra-volatile real estate market. In March, the city’s foreclosure filings fell 15.7 percent from last year. However, the drop was not quite as positive as one might expect because filings still jumped 23.1 percent from February of this year. Given the large jump from February, many Chicago attorneys specializing in bankruptcies and foreclosures , warn that news, though positive, should be read with a bit of caution.
RealtyTrac, a nationwide market watch company issued the findings. The report also shows foreclosure filings at a three-year low across the country. The news is good but RealtyTrac also warns that the real estate market still faces huge problems and concerns.
According to the report, Chicago area bankruptcy filings fell 28.2 percent in the year’s first quarter compared to last year. This year’s quarter also dropped 22.5 percent from last year’s fourth quarter.
In March, 10,821 homes declared bankruptcy in the Chicago area, falling from 12,830 in March 2010. Approximately one in ever 350 homes file. The state ranks as the eighth worse in the country with one in every 439 homes filing in March; the total was 12,053 in March.
Nationally, the number of homes receiving filings during the quarter dropped 26.9 percent to 681,153 from a year earlier and fell 14.8 percent from the fourth quarter of 2010.
Given that bankruptcies are still a pervasive problem in Illinois, bankruptcy lawyers and government officials still warn of possible declines in the real estate market, especially in Chicago.