A new study says Chicago-area foreclosure cases are taking longer to process. The data, compiled by Woodstock Institute, says the median time for a house to complete foreclosure in the second quarter of 2011 was 359 days.
For a sixth year in a row, foreclosure filings climbed in the Chicago region last year. Collar counties saw big year-over-year jumps. That’s according to data from the housing research group Woodstock Institute.
A new study says banks are choosing to walk away instead of completing some foreclosures, leaving buildings abandoned. The housing research group Woodstock Institute says it identified about 2,000 of these vacant homes in Chicago.