Chicago Pre-Foreclosure Properties Fall 19 Percent in August 2024

Pre-Foreclosure Trends in Chicago for August 2024

In August 2024, Chicago recorded 337 pre-foreclosure properties, representing a significant change from July , which had 414 properties in pre-foreclosure. This shows a 19% decrease month-over-month. Compared to August 2023, which had 584 pre-foreclosure properties, there is a notable year-over-year decrease of 42%.

A pre-foreclosure property is one where the homeowner has received a notice of default from their lender. This indicates that the homeowner has missed one or more mortgage payments and is at risk of foreclosure. Pre-foreclosure provides an opportunity for the homeowner to rectify the situation by paying off the debt or selling the property before it goes into foreclosure.

In assessing the pre-foreclosure trends for August 2024, Chicago saw a substantial decrease. The annual trends for Chicago reveal that monthly pre-foreclosure counts for 2024 fluctuated between 337 and 683. In 2023, these counts ranged between 389 and 692. August 2024’s figure of 337 is on the lower end of these ranges, highlighting a progressive decline over the recent months.

Comparison of Pre-Foreclosure Trends in Aurora, Naperville, Joliet, and Rockford

Aurora mirrored Chicago’s trends closely with 22 pre-foreclosure properties in August 2024, down from 28 in July 2024, marking a 21.4% decrease. Compared to August 2023, which had 41 properties, there was a substantial year-over-year decrease of 46.3%. Aurora’s annual trends show 2024 monthly counts ranging from 22 to 50, and 2023 counts ranging from 27 to 42.

Naperville had notably lower pre-foreclosure counts compared to Chicago, with only 6 properties in August 2024, down from 10 in July 2024, which is a 40% decrease. When compared to August 2023’s count of 13, this indicates a year-over-year decrease of 53.8%. Naperville’s 2024 pre-foreclosure counts ranged from 6 to 15, while 2023 counts ranged from 9 to 16.

Joliet reported 27 pre-foreclosure properties in August 2024, decreased from 37 in July 2024, reflecting a 27% drop. Compared to August 2023, which had 64 properties, there was a 57.8% decrease year-over-year. Joliet’s monthly counts for 2024 fluctuated between 22 and 50, whereas 2023’s counts ranged from 33 to 64.

Rockford had the fewest pre-foreclosure properties. In August 2024, there were only 4 properties, a substantial decrease from 12 in July 2024, showing a 66.7% decline. Compared to August 2023, which had 20 properties, this represents an 80% drop. Rockford’s monthly pre-foreclosure counts for 2024 ranged from 4 to 24, while 2023 counts ranged from 14 to 24.

Summary of Pre-Foreclosure Trends

Chicago consistently had the highest number of pre-foreclosure properties compared to Aurora, Naperville, Joliet, and Rockford. The declining trend seen in Chicago in August 2024 mirrors the trends in Aurora, Naperville, and Joliet, with all cities showing significant decreases in both month-over-month and year-over-year comparisons. Rockford also followed this pattern, albeit with considerably lower counts.

Aurora tracked closely with Chicago in its trends, but with less dramatic counts. Naperville and Rockford consistently showed significantly lower pre-foreclosure counts than Chicago, indicating smaller foreclosure issues. Joliet, while also lower than Chicago, displayed a noticeable decline from the previous year, indicating an improvement in its pre-foreclosure situation.

Overall, this comparative analysis highlights the regional variances in pre-foreclosure trends, with Chicago leading in numbers. Despite the high figures, the general downward trend across all cities in August 2024 is a positive sign, suggesting potential improvements in economic stability and better mortgage management by homeowners.