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In the year 2007, in the first quarter, the total number of homes that had at least one foreclosure filing for them was 22,121. This was a dramatic increase from the number of homes that faced foreclosure proceedings in the last year. With such a big leap in its bank foreclosures, Illinois now ranks 12th among all the states for foreclosures. It is very well poised to enter the big bad league of high foreclosure states such as Arizona, Nevada, California and Michigan.
One foreclosure in every 221 homes that have mortgages is enough to make anyone sit up and think why this is happening. Added to that, the high rate of pre foreclosures and foreclosures for sale is not only putting a big dent in the real estate foreclosure market, but it is also proving to be a burden on the state’s overall economy.
There are definitely many reasons being thrown about for this predominance of foreclosures in Illinois. The easy availability of subprime loans has been held at fault. There are several lenders in Illinois that will offer loans to people with less than perfect credit scores. These borrowers are considered high-risk borrowers by mainstream lenders, but the subprime lenders do not mind giving them mortgages at high rates of interest. However, there is indeed a risk associated with these loans that makes people default on them and the house ends up in the foreclosure market.
To prevent foreclosed homes from appearing so frequently, counselors in Illinois urge people to take stock of their financial situation properly before going in for mortgages, especially subprime loans. At the same time, foreclosed houses could provide good bargains for people who are planning on buying a home in the state.
