Chicago-area foreclosures tumbled in May and June.
Cook County recorded 845 foreclosure lawsuits started by lenders in May and 632 in June, falling from April’s total of 909. So far this year, March currently holds the monthly high for foreclosure starts at 1,030.
The total mortgaged value behind May and June’s foreclosure efforts totaled $414 million. May saw $252 million in foreclosure starts while June saw $161 million.
Nationwide, foreclosure filings are lower when comparing the first half of this year to the same time period last year, according to Irvine, California-based real estate data firm ATTOM.
Chicago has one of the 10 highest foreclosure rates in the nation, according to the report, with 0.24 percent of homes facing foreclosure through the first half of the year.
In Cook County, March and April’s foreclosure efforts totaled $237 million and $211 million, respectively, excluding the biggest mortgage for a Loop office property — GEM Realty and Farallon Capital’s 70 West Madison Street — that was hit with a $305 million foreclosure lawsuit in April.
The last two months were still up from January and February, however, which respectively had $119 million-worth and $174 million-worth of mortgage debt enter foreclosure court, respectively.
Here’s where Cook County foreclosure court cases began in May and June:
The median foreclosure value in May was $171,400 and $161,025 in June, also lower than March’s median of $174,000, and $169,000 in April.
In February, the median was $166,822. In January, it was $192,250. December’s median amount was $170,100 and November’s was $180,000.
A 20-story at 322 South Michigan Avenue was the biggest borrower to fall in May and June. LNR Partners is pursuing foreclosure on a $32.5 million loan issued in 2016 for that property’s landlord, an affiliate of investor Ivor Braka.
U.S. Bank again filed the most Cook County foreclosure complaints in May and June, racking up 128 and 88, respectively. In March and April, it totaled 163 and 145, respectively.
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Nationwide, foreclosure filings are lower when comparing the first half of this year to the same time period last year, according to Irvine, California-based real estate data firm ATTOM.
Chicago has one of the highest foreclosure rates in the nation, according to the report, a quarter of a percent of homes facing foreclosure.