Chicago’s Rate of Delinquent Mortgages Growing
May 13th, 2008 by 
Joseph Smith
If you need proof that foreclosure homes are going to keep increasing in Chicago, just look at the numbers for 60-day mortgage delinquencies. Six major counties that make up the Chicago metropolitan area are experiencing not only rising foreclosure rates, but also rising rates in late mortgage payments that have gone unpaid for more than 60 days, indicating that an increasing number of homes are entering the foreclosure process.
Between the end of 2005 and the end of 2007, Cook County saw the largest 60-day default increase, from roughly 2% to 2.5%, while Lake County rose from 1.45% to 2.22%. More homes going into extended delinquent payment periods means homeowners are having more trouble keeping up with mortgage payments as time goes on, probably due to the fact that home values have fallen off so drastically in recent years.
Chicago currently accounts for a great deal of the 22,300 foreclosure homes in Illinois that have landed the state in the 8th spot among states with the highest foreclosure rates after the first quarter of 2008. This represents a 53% increase over the 2007 first quarter, and with more defaults now than last year as well, you can expect to see this number continue to rise until things even out in the market.
