Oct
15

Illinois Foreclosure Process Takes an Average of Two Years

October 15, 2012

chicago real estate foreclosuresThe Chicago real estate market has been showing plenty of signs of recovery in the past few months. However, lenders are taking longer than normal to process Illinois foreclosures, according to a study by RealtyTrac Inc. Since 2007, RealtyTrac  has been tracking foreclosure default statistics.

In the past several months, lenders took an average of 673 days to repossess a foreclosed home in Illinois. What this means is that even if a Chicago-area homeowner received a foreclosure notice in the month of October, they would not officially lose their home until August 2014.

So, what’s the reason for the longer foreclosure time? In the state of Illinois, there are more legal obstacles than in other states because foreclosures must be approved via court processes. The main problem associated with long foreclosure wait times is that it affects the housing market as a whole by delaying overall patterns of recovery.

As of September, Chicago currently has the 11th highest foreclosure rate of large metro areas. The good news is that according to RealtyTrac, foreclosure-filings have decreased since August.

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