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Illinois Foreclosures Soared

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By : Cassiano Travareli    99 or more times read
California-based RealtyTrac said that home foreclosure filings at the city of Illinois have skyrocketed to 31 percent this October—a big leap compared to the rates of Illinois foreclosures last year. On the national level, the rate of foreclosure properties jumped to 25%. RealtyTrac said that the data means that one out of 452 homes has received a foreclosure notice.

With the new record of Illinois foreclosures, the state is now ranked ninth in the top areas in the US that have the most number of foreclosure properties. More than half of the 12,682 foreclosure homes in the state came from Cook County.

Meanwhile, one out of every 226 homes out of 990 in Will County has received a foreclosure notice. DuPage County listed one receipt of notice out of every 441 homes in the area. Lake County, on the other hand, is also trailing behind with a record of one notice out every 307 homes.

The above-mentioned data were adequate explanation of the 25% rise of the rates in Illinois foreclosures compared to its September rates. Nationally, rates were up to 5% compared to the national feel last September.

RealtyTrac Chief Executive Officer James J. Saccacio said that with increase in the rates of October, the month is now the 34th mark of the continuous increase in the number of foreclosures in the US compared to last year. Saccacio also said that the efforts of the government, borrowers and lenders to prevent or decrease the number of foreclosure homes in the country are admirable. However, he cited that more concrete actions and programs must be done to stop the growth of the alarming numbers.

Overall, RealtyTrac said that the states of Nevada, Florida and Arizona are believed to be holding the highest number of foreclosure rates in the country.
Cassiano Travareli has been educated in the finer points of the foreclosures market over 5 years.

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