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With 12,681 homes in various stages of the foreclosure process, Illinois foreclosures soared by 31 percent in October this year from the same month in 2007, as reported by online foreclosure tracking firm RealtyTrac. The homes are either in default, in bank repossession or already in the auction block.
Compared to the nationwide rate of 25 percent from October 2007, the Illinois foreclosure rate is six percent higher.
Among Illinois counties, Cook County has the highest foreclosure rate, with 6,885 homes receiving foreclosure notices and a ratio of one unit in every 313 properties foreclosed. It accounts for more than 50 percent of the state’s total of foreclosed properties. Will County is next, with 990 homes in foreclosure and a ratio of one unit in every 226 properties foreclosed. Lake County has 815 foreclosure homes and a ratio of one unit in every 307 properties foreclosed. DuPage County has 807 foreclosed homes and a ratio of one unit in every 441 properties foreclosed.
Nationwide, foreclosures increased in October this year by five percent from September to 279,561 homes, a ratio of one unit in every 452 properties foreclosed. The monthly national rate improved due largely to legislative efforts in some states, such as California, to impose moratoriums on foreclosures.
RealtyTrac’s chief executive officer James J. Saccacio cited the efforts of several states to delay foreclosure proceedings and help decrease the number of home foreclosures, but asserted that these efforts should be accompanied by an integrated approach that features significant loan modifications.
As reported by RealtyTrac, the states with the highest foreclosure rates as of October are Nevada, Arizona and Florida. Nevada has one unit in every 74 houses foreclosed, over six times more than the nationwide ratio of one unit in every 452. Arizona has one unit in every 149 houses foreclosed and Florida has one unit in every 157 houses foreclosed.
HUD Fair Housing Equal Opportunity