Home foreclosure rates higher in Chicago than in nation

Crain's Chicago Business reports:

Home foreclosures in the Chicago area in March rose at a rate higher than in the state or nation.

There were 9% more homes in the 14-county area in the foreclosure process in March than in February, according to the 2006 U.S. Foreclosure Market Report produced by RealtyTrac Inc. It was the second consecutive month of an increase.

In contrast, the national foreclosure rate dropped 13 percent in March from February, but the rate was up 63% from the previous March.


“Despite the [Chicago metro] increase, the city maintained the median foreclosure rate among the nation’s top five metropolitan areas for the third consecutive month,” James Saccacio, chief executive officer of RealtyTrac, said in a statement.

Cook County,according to census estimates,has lost more population between 2000 and 2005 (73,000) than any county in the United States.So,this news shouldn't be too suprising.