Foreclosures Hit New High Nationwide

August 14th, 2008 by Jake

Foreclosures continued to rise in July as many homeowners are unable to shoulder the costs of rising interest rates. According to data from Realty Trac, Inc, a California-based real estate firm, July foreclosures were up 55 percent from the same month last year across the nation.

However, the news is even worse for the Chicago region. In Cook County, the foreclosure rate jumped by 68 percent in July. According to the report from RealtyTrac, one in every 401 homes in Cook County are in some stage of foreclosure.

Meanwhile, slowing sales could continue to lead many more homeowners into foreclosure. A total of 20,679 single-family homes and condos were sold in the Chicagoland region during the second quarter, nearly 29 percent less than the total sales seen a year ago during the second quarter.

Lawmakers are working to give distressed homeowners relief from foreclosure. Congress is debating a bill that would offer the restructuring of loans with high interest rates to more manageable rates, which would help many people keep their home around the country. Those of us in the North Shore Chicago Real Estate market stand to benefit from these measures being debated in Congress.

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