Cook County lenders initiated 1,633 foreclosure lawsuits during March and April: 784 in March and 849 in April, The Real Deal’s analysis of public records shows.
The total mortgaged value behind March and April’s foreclosure efforts totaled $482.7 million, the analysis found. March accounted for $260.4 million in foreclosure starts, while April saw $222.3 million. The median foreclosure value in March was $180,335, rising to $191,900 in April.
Nationwide, foreclosure filings in April were up 18 percent from a year ago, according to real estate data firm ATTOM, based in Irvine, California.
Here’s where Cook County foreclosure court cases began in March and April:
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In the first quarter of this year, Cook County had more properties with foreclosure filings than any other county in the country (3,439), ATTOM found. In the same period, Chicago ranked third among major metros, considered those with populations of 200,000 or more, for foreclosures starts, with 3,410, trailing only New York, NY (3,868) and Houston (3,614). Illinois had the fifth-worst, meaning fifth-highest, foreclosure rate in the first quarter, with one in every 833 housing units impacted, ATTOM found.
Breaking down foreclosures by mortgage amount reveals that the distress is heavily concentrated at the lower end of the market: 829 properties valued under $200,000, another 585 priced between $200,000 and $500,000, compared to only 39 properties in the $500,000 to $1 million range and 34 exceeding $1 million, TRD’s analysis of Cook County records shows.
U.S. Bank filed the most Cook County foreclosure complaints with 107, including 41 in March and 66 in April, TRD found.
The Buckingham, a 27-story tower at 59 East Van Buren Street in Chicago’s Loop, saw the largest foreclosure action of the period. Since March 12, Wells Fargo has been pursuing foreclosure on a $45.3 million loan issued in 2018 for that property’s landlord, affiliates of Versity Investment.
In another notable case earlier this year, Situs Holdings filed multiple foreclosure lawsuits against landlord Jiazhao “Frank” Chen, who has surpassed $90 million with the total amount of his allegedly delinquent loans on Chicago properties that lenders began pursuing for foreclosure.
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