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November Foreclosure Rates Up From A Year Ago

Posted on in Bankruptcy

In Illinois, 13,520 properties received foreclosure letters last month—equating to roughly one out of every 392 houses in the state. This figure is up 9 percent from November 2011, and puts Illinois only behind Florida and Nevada in terms of foreclosure rates.

Illinois' Cook County had the highest figures in the state: 2,299 homes received initial notices of default, 2,651 homes were scheduled for court-ordered sales, and 2,086 homes were repossessed by lenders. The cities of Rockford and Chicago ranked 11th and 13th in foreclosure rates.

Nationally, more than 59,000 homes were repossessed, a 5 percent rise from last November. In addition, the number of homes that became bank-owned rose on a year-over-year basis for the first time since October 2010.

However, according to an article from the Chicago Tribune, foreclosure trends are heading in the right direction. Although Illinois' foreclosure rates have increased from a year ago, the numbers have dropped 9 percent from October 2012. In Cook, DuPage, Kendall, Will, Kane, and Lake Counties, the figure has dropped 10.5 percent from October. Experts are viewing this as a positive sign, saying that we are past the worst of the housing problems.

To get specific foreclosure rates for each state, you can visit Realtytrac.com, a real estate analyst company. The foreclosure process is long and tiresome, often taking years to be complete. If you need help understanding foreclosure, or fighting to maintain ownership of your house, it is critical that you speak to an experienced professional. They can help you understand the steps involved and to understand all possible outcomes. Don't delay—contact our offices today to schedule an initial consultation.

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