April Foreclosure Report a Break From Reality

May 12, 2011

Cautiously optimistic news on the foreclosure front.

RealtyTrac, an online marketplace for foreclosure properties, released its U.S. Foreclosure Market Report for April 2011 on Thursday to show that foreclosure filings were down 34 percent nationwide and 46.7 percent in Illinois compared to the amount in April 2010.

The optimism:

“Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low,” said James J. Saccacio, chief executive officer of RealtyTrac.

home with foreclosure for sale sign in frontThe reality:

“This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure.”

Ten states accounted for 70 percent of all foreclosure activity in April, and Illinois was one of them, though there was an improvement.

The reality:

In Illinois, 10,055 homes received a foreclosure filing last month, placing our state at No. 6 in the country for states with the highest foreclosure activity in April.

The optimism:

That 10,055 is a more than 16.5 percent improvement over March 2011, when 12,053 homes entered the foreclosure process.

Last month, one in every 526 Illinois homes received a foreclosure filing.

The reality:

Our rate still beats the national average of one in every 593 homes that entered foreclosure in April 2011.

The optimism:

When looking at the stats that way, Illinois gets pushed out of the top 10 for highest foreclosure rates. Nevada still sits atop with one in every 97 homes in foreclosure, followed by Arizona, California, Utah, Idaho, Michigan, Florida, Georgia, Colorado and Oregon.

Categories: Economy, Mortgages

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Thank you for the post. It is great to see the light at the end of the tunnel, almost.

Brian Hayes

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