Apr
25

Illinois Foreclosure Activity Still Among the Highest in the Nation

April 25, 2013

Illinois foreclosure activityRealtyTrac’s quarterly U.S. Foreclosure Market Report™ for March and the first quarter of 2013 showed a 1 percent decrease in foreclosures nationally from the previous month and a 23 percent decrease from March 2012.

The decrease in March helped drop first quarter foreclosure numbers to the lowest level since the second quarter of 2007. Foreclosure filings were reported on 442,117 U.S. properties in the first quarter, down 12 percent from the previous quarter and down 23 percent from the first quarter of 2012.

High-level findings from the report:

U.S. foreclosure starts increased 2 percent from February to March, the second straight monthly increase following three consecutive monthly decreases. There were a total of 73,113 foreclosure starts nationwide in March, still down 28 percent from a year ago.

Foreclosure starts in March increased from the previous month in 23 states and were up annually in 12 states.

Lenders repossessed 43,597 properties nationwide in March, the lowest number since September 2007. U.S. bank repossessions (REOs) in March decreased 3 percent from February and were down 21 percent from a year ago.

Illinois foreclosure activity in the first quarter decreased 2 percent from the previous quarter and was down 5 percent from a year ago, but the state’s foreclosure rate — one in every 147 housing units with a foreclosure filing during the quarter — still ranked third highest nationwide. The annual decrease in the first quarter followed four consecutive quarters with annual increases in Illinois foreclosure activity.

Cities with foreclosure rates in the top 10 highest metro foreclosure rates were Las Vegas at No. 4 (one in 99 housing units); Rockford, Ill. at No. 6 (one in 102 housing units) and Chicago at No. 9 (one in 116 housing units).

About The Author

Amanda Winters

Read All Stories By Amanda Winters

Amanda Winters joined the mRELEVANCE team in 2007 as an account manager focusing on real estate clients. With extensive experience in the homebuilding industry, having served as the communications representative at a nonprofit that builds housing for the homeless, she is a perfect fit for the team.

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