Foreclosure Articles
Illinois Foreclosure activity Jumps
By: Lorene Yue - CHICAGO BUSINESS
(Crain’s) — The number of foreclosure filings in Illinois nearly doubled last year from two years ago.
There were almost 90,800 foreclosure filings in Illinois in 2007, according to figures released Tuesday by RealtyTrac of Irvine, Calif. The filings were made on 64,310 properties.
RealtyTrac defines foreclosure filings as default notices, notices of auction sales and bank repossessions.
The number of filings in Illinois marks an increase of 25.3% from last year and a 94.3% increase from 2005.
Illinois was among the top 10 states for foreclosure filings in 2007. California led the pack with 481,392, more than three times the number in 2006 and more six times the number in 2005.
Cook County led the Chicago metro area for the highest number of foreclosure filings in 2007 with 52,355. That is a 25% increase from 2006 and more than double from 2005
In Illinois, 1.25% of households went into some stage of foreclosure last year, higher than the national average of 1.033%, according to RealtyTrac.
Across the nation, there were 2.2 million foreclosure filings last year. That’s a 75% increase from 2006, RealtyTrac says.
“And while filings were up 75%, the number of properties in some stage of foreclosure was up 79%, indicating that some properties may have just entered the initial stage of foreclosure in 2007 and could be going through the rest of the foreclosure process in 2008 — unless lender and government intervention efforts begin to gain more traction,” RealtyTrac CEO James Saccacio said in a statement.
Foreclosure Connections Blog
Heightened foreclosure activity in Illinois has been disturbing the residents of the state. From Chicago to Cook County to Kane County, the number of foreclosed homes has been increasing at a faster rate than expected. So much so that Chicago’s foreclosure rate has achieved one of the top five ranks on America’s largest metropolitan regions list.
The city of Chicago, alone reported more than 6,200 forclosed homes revealing one new foreclosure filing for every 466 homes, which is over double the country’s average. For the first quarter of this year, the state of Illinois has recorded 22,121 properties in various stages of foreclosure. This count puts Illinois State at the 12th place on the foreclosures by state list for highest rate of forclosure. Of course, the main culprits for this disturbing rise in foreclosure not just in Illinois but across the nation are the predatory lending practices that preyed on unsuspecting borrowers who had imperfect credit scores. These malpractices lead to thousands of Illinois foreclosures as well as people without a proper roof over their heads.
As these unsuspecting borrowers with imperfect credit scores lined up to get home loans, they didn’t realize in their excitement that the loans being given to them were on a higher than average interest rate. Moreover, with no down payment schemes and interest-only payments and ARMs, these people found it too hard to resist such an excellent opportunity. However, soon enough, increase in interest rate and cost of living, besides unemployment and other expenses led to an increasing number of foreclosed homes state and country wise.
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