Foreclosure Sales Increase in Illinois

During the first quarter of 2011, sales of foreclosed homes in Illinois made up 29% of all sales in the state. While this number is impressive, it does represent a decline from the year before.

According to RealtyTrac, 5,529 homes were sold between January and March in the state; this represented a 38 percent decrease from the same period in 2010. In Illinois, the average price for a foreclosed home was $132,983; compared to non-foreclosed homes for sale, this shows a 48 percent discount. Nationally, the sales discount between foreclosed and non-foreclosed homes is 19 percent.

Illinois ranks almost the same as the national average for the sale of bank-owned and defaulted homes. The national average is 28% versus the state"s 29 percent. This is the highest percentage of foreclosed-home sales since the first quarter of 2010, where sales came in at 29 percent.

If your home is in danger of foreclosure, contact our law office to discuss your rights with a Chicago bankruptcy attorney.