Chicago foreclosure auctions rise 45% during 3Q
Foreclosure auctions in the Chicago metro area rose by 45% in the third quarter, compared to the same period a year ago, according to Woodstock Institute, a nonprofit fair-lending advocate. There were 9,312 foreclosure auctions in 3Q10. To date, the Chicago metro area has had 26,870 foreclosure auctions, according to the report. The region recorded 19,750 foreclosure filings for the quarter, up 28% over the year-ago period. Woodstock Institute said 58,962 properties received a foreclosure filing in the first nine months of 2010, up 28% over the first nine months of 2009. The data shows that 95% of the completed foreclosures went back to lenders as REO instead of selling to a third-party buyer at auction. Earlier this week, Cook County Sheriff Thomas Dart said he would not carry out evictions involving Bank of America (BAC), Ally Financial (GJM) and JPMorgan Chase (JPM) BofA, Ally and JPMorgan Chase suspended foreclosures in 23 states, which includes Illinois, as they review affidavits signed without proper review or a notary present. Cook County is the most populous county in the Chicago metro area. Write to Kerry Curry.