Illinois Mortgage-Delinquency Rate Among Nation’s Highest

March 19, 2012

Earlier today, we posted a story that alerted struggling metro Chicago real estate owners to some upcoming free foreclosure prevention workshops. A new report released the same day showed that foreclosure-prevention assistance is exactly what Illinois homeowners need.

highway sign that reads, "foreclosure next exit"The Federal Housing Finance Agency on Monday released the Foreclosure Prevention & Refinance Report for the fourth quarter of 2011, which featured data on mortgage delinquencies, foreclosures, foreclosure prevention and refinancing activity on mortgages backed by Fannie Mae and Freddie Mac at the end of last year.

What it found was that Illinois had the third worst rate of delinquencies by state.

By the end of 2011, 74,028 Illinois homeowners were delinquent on their mortgage payments by at least 90 days, including 41,906 that were delinquent by over a year. The delinquencies represented 5.3 percent of all home mortgages backed by Fannie Mae or Freddie Mac in Illinois.

Florida was the worst-off state, with 230,058 of its Fannie and Freddie mortgages delinquent by over 90 days and 166,443 delinquent by more than 365 days. Those two represent 11.5 percent of all Freddie and Fannie mortgages in that state.

California was the other state to outnumber Illinois’ delinquencies with 99,406, but California also¬† had the largest number of completed foreclosure prevention actions since Fannie Mae and Freddie Mac went into conservatorship during the fourth quarter of 2008.

Nationwide, Fannie Mae and Freddie Mac have completed more than 2.1 million foreclosure prevention actions, including 1.1 million permanent loan modifications.

In Illinois, 82,769 households were involved in Freddie Mac or Fannie Mae foreclosure prevention actions since conservatorship.

To see the full FHFA report, click here.

To find out more about the upcoming foreclosure prevention workshops around Chicagoland click here, and check back to for details on other events as they emerge.

Categories: Economy, Mortgages

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