Oct
14

Illinois Foreclosure Rate Still Above National Average

October 14, 2011

The U.S. foreclosure rate has seemed to slow down, but according to experts, that’s about to change.

This week, RealtyTrac released its U.S. Foreclosure Market Report for the third quarter of 2011 to show that foreclosure filings rose less than 1 percent from the previous quarter and are 34 percent lower than the third quarter of 2010.

Foreclosure filings — which include default notices, scheduled auctions and bank repossessions — were reported on 214,855 U.S. properties in September, a 6 percent decrease from August and a 38 percent drop from September 2010.

woman putting a foreclosure sign over a for sale signIn fact, September marked the 12th straight month in which foreclosure activity fell on a year-over-year basis.

But don’t get too excited.

“U.S. foreclosure activity has been mired down since October of last year, when the robo-signing controversy sparked a flurry of investigations into lender foreclosure procedures and paperwork,” said James Saccacio, RealtyTrac chief executive officer. “While foreclosure activity in September and the third quarter continued to register well below levels from a year ago, there is evidence that this temporary downward trend is about to change direction, with foreclosure activity slowly beginning to ramp back up.

“Third quarter foreclosure activity increased marginally from the previous quarter, breaking a trend of three consecutive quarterly decreases that started in the fourth quarter of 2010. This marginal increase in overall foreclosure activity was fueled by a 14 percent jump in new default notices, indicating that lenders are cautiously throwing more wood into the foreclosure fireplace after spending months trying to clear the chimney of sloppily filed foreclosures.”

Illinois is still one of the top 10 states with the highest foreclosure rate. In fact, our state’s rate of 32,297 foreclosure filings was the fourth worst in the country during the third quarter.

In addition, there was a 27 percent increase in Real Estate Owned (REO) or bank repossessions over that quarter in Illinois, one of only four states to post an increase.

In September, one in every 605 U.S. homes received a foreclosure filing. In Illinois, it was one in every 463. And, in Cook County, it was one in every 357.

And experts are predicting an increase in foreclosure activity?

Want to know more about the foreclosure rate in the Chicago area? Read our story:

Inventory of Chicago Real Estate Keeps Building

Categories: Economy, Mortgages

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Tracey

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