Lenders eased up in Cook County last month as the area broke from national foreclosure trends.
For the fourth consecutive month, new foreclosure notices decreased in September in Cook County. Lenders started 251 foreclosure court proceedings in September, down from 491 in August, 504 in July and 747 in June, public records show. The total value of the mortgages underlying September’s foreclosure initiations was $80 million.
The median mortgage amount subject to a foreclosure proceeding that began in September was $171,845. By comparison, the median foreclosure amounts for June, July and August were $166,500, $161,947, and $165,000 respectively, TRD’s analysis shows.
U.S. Bank remains the lender initiating the most foreclosures, with 38 notices filed in September. In August, it filed 64 notices and in July, 82 notices.
1419 Partners is the borrower facing the biggest loan to enter foreclosure proceedings for September, weighing in at $10.4 million for the properties at 1419-1423 North Wells Street.
Here’s where foreclosure court cases began in August:
Since May, Adventus Realty Trust has been the borrower with the largest foreclosure amount at $114 million for its delinquent loan on the Riverway building near O’Hare International Airport, though it’s likely to be knocked off that top spot soon. A notice is likely to be recorded in coming days for the $237 million foreclosure lawsuit that French lender Societe Generale recently filed to take back keys to the office tower at 161 North Clark Street in the Loop from a venture of the South Korean postal service.
In August, Skokie-based American Landmark Properties had the biggest loan to enter foreclosure proceedings at $96 million.
Nationwide, new foreclosure filings continued their month-over-month increase, according to Irvine, California-based real estate data firm ATTOM.
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The report found that lenders began foreclosure proceedings for nearly 37,700 properties across the U.S. in September, up 11 percent from August, and 18 percent from September 2022.
However, Chicago broke with nationwide trends by notching a percentage decrease in quarter-over-quarter foreclosure starts, as the report states total foreclosures locally were down by 35 percent for the third quarter compared to the second.