Seventh District Foreclosure Update

Written by Emily Engel and Daniel DiFranco

Recently, the news media have been discussing an uptick in the housing market. We document some of the positive effects we have seen in the Seventh District in a series of Foreclosure Graphs, shown here and available on our Foreclosure Resource Center website.

  • Start rates, which measure the pace at which homes enter foreclosure, have come down significantly. This is a positive for the housing market, since it implies less deterioration in the ability of homeowners to meet their mortgage obligations for reasons such as job loss, inability to borrow against home equity due to falling home prices, or rising loan payments.
  • Transition rates, which measure the pace at which foreclosures get resolved, are up.
  • Finally, the inventory rate, which reflects the proportion of mortgages currently in foreclosure, is decreasing. 

Chart 1: Cook County, Illinois

EC_cook_IL_largegraph

Source: LPS Applied Analytics and FRB calculations.

 

Chart 2: Milwaukee County, Wisconsin

EC_milwaukee_WI_largegraph

Source: LPS Applied Analytics and FRB calculations.

 

Chart 3: Marion County, Indiana

EC_marion_IN_largegraph

Source: LPS Applied Analytics and FRB calculations.

 

Chart 4: Wayne County, Michigan

EC_wayne_MI_largegraph

Source: LPS Applied Analytics and FRB calculations.

 

Chart 5: Polk County, Iowa

EC_polk_IA_largegraph

Source: LPS Applied Analytics and FRB calculations.

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