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.