Chicago shows huge rise in foreclosures in 3rd quarter

And nobody wants these homes at REO prices.

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.

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