Chicago Foreclosure Rate Second Highest in the Nation

Las Vegas and Chicago are too very different cities in many ways. But they do share one thing. They have the highest foreclosure rates nationwide. Specifically, the Las Vegas Area reported the most foreclosures last year. According to RealtyTrac, Inc., one out of every nine homes in Las Vegas received a foreclosure notice last year. Chicago ranked second, with one out of every twenty-seven homes in the Chicago area receiving a foreclosure notice. In total, there were 138,913 foreclosure or foreclosure-related filings in 2010 in Chicago. This in an increase of over 16% from 2009.

In case you’re interested to see where we fall, the third, fourth and fifth highest foreclosure rates were in Detroit, Miami and Atlanta, in that order.

What can distressed Chicago homeowners do to avoid foreclosure? They can try to complete a loan modification to bring their loan back to a point where they can avoid it. They can try to short sell their house and hope a buyer comes along and the bank is willing to accept the offer. They can offer a deed in lieu of foreclosure to the bank and see if the bank will accept. There are many options out there for distressed homeowners who want to prevent foreclosure.