(COURTHOUSE NEWS) – A report released in April by real estate data aggregator ATTOM has bestowed Chicago with a dubious honor. Amid a national surge in residential foreclosure rates, Chicagoans are currently losing their homes in greater numbers than in any other metro area in the country.
“A total of 50,759 U.S. properties started the foreclosure process in Q1 2022, up 67% from the previous quarter and up 188% from a year ago,” the report stated, with Chicago alone seeing over 3,000 foreclosures in the first three months of the year.
Advertisement - story continues below
If you interpret the numbers as a per housing unit rate, Cleveland manages to pull ahead of Chicago with almost one in every 500 homes foreclosed since the start of 2022. But by the same metric, Illinois still leads the nation on a state level – close to one out of every 800 homes. California, as the country’s most populous state, wins out as the state with the highest raw numbers of foreclosed homes this year. More than 5,300 households in the Golden State had begun the foreclosure process as of April.