Real estate data firm RealtyTrac has determined that foreclosure activity in the Chicago-area housing market has dropped to its lowest level since 2007, a milestone that shows the local mortgage market in its greatest health in nearly a decade.
There were 4,079 foreclosure actions in the area in January, which includes default notices, REOs and auctions, down almost 12 percent from the previous month and nearly 38 percent from the previous year.
The improvement is even more dramatic taken since July of 2010, when activity was nearly 80 percent higher than it is today.
Read more and check out some nifty graphs at Chicago Agent Magazine here.