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Surge in Illinois Foreclosures Biggest Among Top Ten States



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By : John Cutts    99 or more times read
The pace of Illinois foreclosures surged in April, posting the highest rate of increase among the ten most foreclosure-hit states. Illinois even moved up two places from tenth-place in March to eighth in April.

Analysts said that although certain areas of Illinois have started recovering from foreclosures, certain areas have been experiencing spikes in defaults and repossessions, and these pushed up the total number of foreclosure filings statewide.

Among the hardest-hit was Elgin in Kane County, where default filings and bank owned foreclosures exceeded 1,000 in the first four months of the year. Underwater mortgages and unemployment were the major causes, based on statements from local realtors.

Unemployment rates were also in double-digits in Rockford, Bradley, Decatur and Danville, far above the statewide rate of 10.8 percent.

In April, there were 18,870 homes in Illinois that got hit with default and foreclosure filings, marking a spike of 33 percent from the total in March and more than 38 percent of jump from total filings in April 2009. The month-over-month increase rate was higher than any of the top-ten states on the foreclosure chart. The increase rate over the year was the third-highest, behind Michigan and Utah.

The pace of Illinois foreclosures bucked the nationwide trend of declining foreclosure activity. While most other states posted decreases in foreclosure filings, Illinois posted a substantial upsurge. California, Florida, Arizona and Georgia posted double-digit declines.

Of the total filings in Illinois, a total of 4,754 units were repossessed homes, making up 25 percent of total filings. Lis pendens notices exceeded 9,000 while notices for foreclosure sales were more than 5,000.

In the first 4 months of this year, Illinois posted a total of 19,743 foreclosure houses for sale, accounting for 30.54 percent of the 64,650 total filings in the first 4 months.

To help slow down the spike in Illinois foreclosures, the state Housing Development Authority set aside $1.4 million to help troubled homeowners get their loans modified under the Home Affordable Modification Program.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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