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Friday, October 22, 2010

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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