Chicago-area homes facing foreclosure rose in July

[Sonny]

Chicago Tribune , August 9, 2012...
Foreclosure activity in the Chicago area continued to be well ahead of its year-ago pace in July, as lenders put new homes into foreclosure and pushed through existing cases that languished fore more than a year while federal and state authorities investigated lenders' foreclosure practices.
...

"Lenders are much less likely now than they were even a year ago or two years ago to repossess a property after they've started the foreclosure process," said Daren Blomquist, a vice president at RealtyTrac.

Completing the foreclosure process can potentially open banks up to liability if they're accused of improper procedures. And short sales, on average, sell for $25,000 more than a bank-owned property, Blomquist said.

http://www.chicagotribune.com/busine...,2594356.story

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[Sonny]

Foreclosure activity kept up its uneven descent in July, and a hammerlock grip on California and the Inland Empire, according to statistics released by the real estate information service RealtyTrac.

California retained its No. 1 rank in foreclosures for the second consecutive month, with 19,210 notices of default recorded on houses and condos during July, despite an 11 percent decrease in foreclosure activity from June and a 25 percent decrease from one year ago.

http://www.hispanicbusiness.com/2012...reclosures.htm