Housing Market is on the Mend But Illinois Still Ranks as a Troubled State

 Posted on September 19, 2014 in Arlington Heights Foreclosure Attorney

RealtyTrac®, the leader in online real estate market data recently released its Midyear 2014 U.S. Foreclosure Market Report™. There is good news and there is bad news. The good news, as of July 2014, the national foreclosure rate dropped to 16 percent, matching the lowest level since the burst of the housing bubble in 2006.

The bad news, some states are still exhibiting a high rate of foreclosure with Illinois filling the number three spot for the first half of 2014. Although the good news supports that there may no longer be a foreclosure infestation, Illinois accompanied by Florida, Maryland, New Jersey and Nevada have yet to make it out of the formidable foreclosure forest.

RealtyTrac® data for Illinois foreclosure rates was based on a total of 42,866 properties initiating foreclosure filings during the first half of 2014. Data derived supports that at least one in every 123 Illinois homeowners were facing the reality of losing their homes or rental property, with probably a large percentage seeking the services of a qualified Illinois foreclosure attorney.

Although Illinois experienced a 32 percent decrease in the number of foreclosures in 2013, the overall rate increased 23 percent between May and June of this calendar year. These numbers include foreclosures filed by the homeowner, properties sold via foreclosure auctions as well as those legally repossessed by the originating mortgage lender. Legal repossessions of homes increased by eight percent with the numbers rising for the third consecutive month.

Additional data released by RealtyTrac® further categorizes the plight of Illinois foreclosures by ranking the top five Illinois counties experiencing the highest rate of foreclosures. Ranking is as follows:

1. McHenry County – One in every 439
2. Will County – One in every 496
3. Winnebago County – One in every 504
4. Kendall County – One in every 520
5. Boone County – One in every 538

The U.S. Foreclosure Market Report statistically tracks the economic and housing market trends across the U.S. Based on the recent report it appears that the housing market may be on an upward swing but for some geographical areas, such as Illinois the news is not as encouraging.

The McHenry and Will County foreclosure attorneys of Newland & Newland, LLP understand the complexities of foreclosure. We also understand the emotions involved in the process. Serving Illinois residents of Cook, Lake, DuPage, McHenry, Kane and Will Counties since 1993 we have been assisting Illinois residents by overlooking the numbers and handling each case on a personal basis. With six locations across Northern Illinois our experienced legal team is within your reach. Contact one of convenient locations today to schedule your free consultation.