According to ATTOM data, a nationwide database of real estate information, there was a notable increase in foreclosure activity throughout the nation in January of 2024. Overall, foreclosure filings are up 5 percent from a year ago, and 10 percent higher than December of 2023. Although the increase in January may be attributable to lender pauses during the December holidays, it is possible that other factors such as increasing interest rates, inflation, and unemployment are at play.

How does Chicago compare to the rest of the nation?

Among other large metropolitan cities, the two cities with the greatest number of new foreclosure filings in January 2024 were Detroit and Chicago -- followed closely by New York, Philadelphia, and San Francisco. The state of Illinois ranks fifth overall in the nation in terms of the greatest number of new foreclosure filings in 2024. Although the increase is notable, foreclosure filiings are still well below pre-pandemic levels. The January increase may simply be a post-pandemic market correction rather than a red flag signaling greater trouble in the housing market.

What can homeowners with a new foreclosure filing in Cook County do?

Homeowners facing a new foreclosure filing should not wait to find guidance and assistance. At The Law Center, we are a team of specialists that are passionate and up to date about the foreclosure process from start to finish and helping homeowners at the highest level. Our staff and attorneys approach each client and each property as a new challenge, one that requires thorough analysis, zealous representation, and thoughtful strategy. It’s your home, let The Law Center help you defend it.

Call us now and speak with a foreclosure expert on how you can make the foreclosure process work for you -- not against you. (312) 600-8815

‍

‍

‍