Illinois Home Foreclosures Up 23 Percent from 2011

Yahoo Contributor Network

According to the Chicago Sun-Times, a report from RealtyTrac has concluded that Chicago home foreclosures increased by 25 percent in September from the same month in 2011. The rest of Illinois felt the same effect as home foreclosures in the state rose 23.36 percent last month from September of last year despite being down 20.77 percent from August 2012.

Here are some facts and details about the report, including statistics on foreclosures in Chicago, Cook County, and Illinois and why these areas are suffering from such high numbers:

* From July through September of this year, there were a total of 42,176 filings for foreclosure in Illinois. This number puts the foreclosure rate at one per every 126 homes, noted the Associated Press.

* When compared to the second quarter of 2012, the state's foreclosures rose by 4 percent.

* Crain's Chicago Business added that the Windy City had the nation's 11th-highest foreclosure activity rate last month among metropolitan areas with a population of 200,000 or more people.

* CBS Chicago reported that Illinois has the fourth slowest foreclosure process in the country with 673 days being the average amount of time it takes lenders to repossess a foreclosed home in the state last quarter.

* The main reason for the long amount of time is that lenders must go over numerous legal obstacles in order to have the ability to foreclose on a home.

* Illinois average foreclosure process time is only trumped by New York (1,072 days), New Jersey (931 days), and Florida (858 days).

* Nationally, the second quarter of 2011's average foreclosure process time was 382 days and foreclosure activity fell to a five-year low.

* Declines in 24 states are attributed to the fact that most do not use a judicial process for properties in default, making the process much faster.

* Cook County experienced 7,257 foreclosure filings in September and foreclosures rose by 18.37 percent in the county between September 2012 and 2011.

* According to the Crystal Lake-Cary Patch, Cook County's foreclosure rate this past month was 1 per every 376 homes.

* However, Kendall County had the highest foreclosure rate with 1 per every 135 homes, followed by McHenry County (1 per every 195) and Lake County (1 per every 245).

* Vice president of RealtyTrac Daren Blomquist commented on the statistics in Illinois by saying, "I think (the Illinois numbers) will go up as some of those delayed foreclosures are pushed through . . . but I think in the next few quarters, you'll actually see that turn a corner."

Rachel Bogart provides an in-depth look at current environmental issues and local Chicago news stories. Currently pursuing her master's degree in environmental science, she applies her knowledge and passion to both topics to garner further public awareness.

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