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Home Foreclosures Drop in Illinois

Good news for homeowners in Illinois: home foreclosure rates dropped 16.6 percent over the past month.

According to RealtyTrac, Illinois posted 10,055 foreclosure filings last month. This figure includes auction-sale notices, default notices and bank repossessions. Although this represents a significant drop, it does mean that one out of every 526 housing units is in the process of foreclosure in the state. It places Illinois in the number 12 spot nationally for foreclosures, but also represents a 46.7 percent decrease from April 2010.

Much of this decrease can be attributed more to delays in foreclosure processing, rather than a turnaround in the housing market in Illinois. Nevada continues to rank number one in the country, with one out of every 97 housing units in foreclosure. Filling in the gap between Nevada and Illinois are states like Michigan, Oregon, Hawaii, Idaho and Utah.

Facing foreclosure? If so, get a better understanding of your options by contacting our firm and working with a Chicago bankruptcy lawyer.

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The information on this website is for general information purposes only. Nothing on should be taken as legal advice for any individual case or situation.

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