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Foreclosures and Bankruptcy Houses for Sale Remain High in Illinois

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By : John Cutts    99 or more times read
The number of foreclosures and bankruptcy houses for sale in certain counties of Illinois is expected to be higher than 2009 numbers if the current trend of foreclosure filings is to be used as basis. Filings in areas like St. Clair County and Madison County are outpacing 2009 figures, according to latest housing market reports.

In key areas of the state, housing market concerns remain a priority. Round Lake foreclosure investing remain almost the same as previous months' numbers, but counties like Madison and St. Clair are showing signs that they would beat foreclosure numbers recorded in the previous year. As of June 2010, filings for foreclosures in St. Clair total 876 which is already more than fifty percent of the total number of filings recorded in 2009.

Meanwhile, Madison had 125 filings in June, bringing the total to 777 for the whole half year. Compared with the 2009 total number of 1,317, the current filings are already beyond the half-year figure of 2009. With these numbers, Illinois foreclosed homes for sale are expected to top the numbers recorded a year go.

Despite the high number of foreclosure filings and bankruptcy houses for sale, market observers believe that stability is starting to come into the local residential market three years after the foreclosure crisis became a common presence in the state. Analysts have also stated that this stability has been anticipated since foreclosure activities are not expected to continue to rise indefinitely.

Meanwhile, real estate experts have stated that relying on people to purchase homes foreclosed is not enough to jumpstart a recovery. What the state needs, according to these experts, is a rise in employment rates. Only with additional jobs can the real estate industry be lifted out of the crisis, they further added.

Most market analysts claim that the number of foreclosures is still way too high and coupled with high unemployment rates, the market will find it difficult to adopt a quick pace towards recovery.

However, most of them also agree that the decision of the federal government to consider extending the tax credit will greatly help in holding back foreclosure rates and in lowering the number of bankruptcy houses for sale, not only in the state, but nationwide as well.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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