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Foreclosure Fallout: An Analysis of Foreclosure Auctions in the Chicago Region

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Woodstock Institute – Foreclosure Fallout: An Analysis of Foreclosure Auctions in the Chicago Region: Huge inventory of foreclosed properties and fewer bidders means lenders on the hook for billions in Chicago region, says new report.

  • “The following report examines the results of foreclosure auctions in the Chicago region. While previous Woodstock Institute research has focused on foreclosure filings (or new foreclosure cases), foreclosure auctions represent the ultimate completion of the foreclosure process. A property that goes to auction has been lost by the homeowner. While not all foreclosure cases go to auction, data show that the number of cases that do is increasing at a rapid pace. The first section of this report describes the foreclosure process and explains possible outcomes for properties where a foreclosure has been filed. The following section looks at data on foreclosure auctions between 2005 and the first half of 2008, and considers the total number of properties going to auction, changes in the share of properties going to auction that become REO, the auction values of these properties, and the property types of REOs in the City of Chicago. Additionally, the report includes a set of appendices with detailed data on foreclosure auctions, REO auctions, and the values of REO auctions by Chicago community area, Chicago ward, and regional
    municipality.”
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