Posts (RSS)Rising Number Of Illinois Foreclosures Leading To Stacked Illinois Foreclosure Listings
The foreclosure filings in Illinois rose by 41% in June this year. Shocked by the disturbance in the U.S. realty market and the slow down on the economy, the amount of Illinois home owners being affected by foreclosures increased by 40% compared to June last year. On a national level, the foreclosures rose by over 50%.
With increasing number of Illinois homeowners facing various stages of foreclosure, the Illinois foreclosure listings are looking more and more attractive to potential buyers and investors. In June this year, the state saw more than 8,150 homes finding themselves facing the gloomy prospect of a roofless existence. This figure indicates a rise of 41.7% from June last year, but a decline of 15.6% from May this year. The situation at the national level showed no sign of a slowdown. Foreclosure listings in Illinois and other states have been exploding what with the foreclosure activity growing every day. A marginal respite was experienced when the foreclosure filings rate fell by 3% from the previous month but jumped 53% from June last year.
As more and more people file for foreclosure, there is a perceptible gloom everywhere and some of the homeowners hit by foreclosures are those who have either lost their job, or facing some other form of financial crisis that has prevented them from keeping up with their payments. More foreclosures in Illinois mean more fodder for Illinois foreclosure listings and a higher ranking for the state on the national level for foreclosure filings. Illinois currently ranks on the #13 spot for the highest number of foreclosure filings in the U.S.
The states have been directed by the federal government to take all measures necessary to make things easier for borrowers to pay back their loans. And this effort seems to be working for Illinois foreclosure listings have seen lesser number of homes being foreclosed. And, if experts are to be believed, this year will find 2.5million homeowners entering the foreclosure process, which is an increase of around 1.5 million from last year.