Foreclosure map: Cook County takeaways stay on downtrend

Foreclosures continued falling off in December in Cook County — and nationwide.

Cook County recorded 265 foreclosure starts initiated by lenders in December, down slightly from 279 in November and 284 in October.

The total value of the mortgages underlying December’s foreclosure efforts nearly totaled $144 million, much lower than November’s $237 million and October’s $323 million.

Here’s where foreclosure court cases began in December:

The median mortgage amount subject to foreclosure cases recorded in December was $170,100, down 5.5 percent from November’s $180,000 and October’s $179,911. By comparison, the median foreclosure amounts for July, August and September were $161,947, $165,000 and $171,845 respectively, TRD’s analysis shows.

The borrower facing the biggest foreclosure case last month is TBG State Street LLC, an entity led by Issac Shalom, for a $60 million mortgage for the property at One North State Street. German American Capital Corporation originated the loan in 2014.

Its a little over a quarter of October’s — and all of last year’s — biggest foreclosure case in Cook County: A $237 million complaint initiated by Société Générale against the owner of 161 North Clark Street. The borrower in that deal is a venture of the South Korean postal service that decided to walk away from the asset instead of trying to turn around its troubled financial situation.

Slightly edging out U.S. Bank for the highest number of foreclosure starts, Newrez LLC — also known as Shellpoint Mortgaging — began 25 foreclosure proceedings in December. U.S. Bank filed 23 notices of foreclosure court proceedings.

Newrez and U.S. Bank have traded the top spot for the most foreclosure proceedings for the past several months. U.S. Bank had 33 foreclosure starts in November, Newrez LLC had 27. 

In October, Newrez had the most at 29, while U.S. Bank had 17.

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Other massive foreclosure filed in recent months include a $114 million complaint against Adventus Realty Trust in May for a delinquent loan on the Riverway office building near O’Hare International Airport, and Skokie-based American Landmark Properties with a $96 million foreclosure case that just ended in a court-ordered auction sale to its lender.

Cook County is in lockstep compared to nationwide totals. Irvine, California-based real estate data firm ATTOM found that U.S. foreclosure rates trended lower nationwide in December. It found 30,314 properties faced foreclosure filings in December, down 6 percent from November and down 2 percent from a year ago.