Report Finds Illinois Foreclosure Rates on the Rise

 Posted on February 20, 2020 in Foreclosure

There are many ways to measure the overall health of the housing market in the United States. For example, you could look at trends in home sales, sale prices, and other considerations linked with individuals and families buying new homes. On the other side of the coin, however, it is also important to look at the rate of foreclosures around the country, as foreclosure rates are often indicators of people struggling to afford their homes.

Earlier this month, ATTOM Data Solutions released a report that examined foreclosure filings across the nation in January 2020. The report looked at total foreclosure filings, which include default notices, bank repossessions, and scheduled auctions, as well as foreclosure “starts” and overall foreclosure rates. As it turns out, Illinois homeowners did not fare particularly well in January, as foreclosure continues to be an issue for many throughout the state.

A Look at the Numbers

According to the report, there were just over 60,000 total foreclosure filings nationwide last month—a 13 percent increase from December of 2019 and a 7 percent increase from January of last year. New foreclosures, also called foreclosure starts, however, were down by about 1 percent from December and about 9 percent from last January. Last month, lenders initiated foreclosure for the first time on 26,858 properties in the United States.

Illinois is one of 19 states to buck the national average and see a year-over-year increase in the number of foreclosure starts. Compared to January 2019, Illinois saw 9 percent more new foreclosures—the fourth-largest increase after California (27 percent more), Tennessee (21 percent more), and Georgia (14 percent more).

While foreclosure starts are an indicator of the market’s health, the overall foreclosure rate can be even more telling. Nationwide, one in 2,270 properties, received at least one foreclosure filing last month. In Illinois, one in every 1,139 housing units is in foreclosure—the third-highest rate in the nation. Only New Jersey, at one in 1,046 units, and Delaware, at one in 1,098 units, have a higher foreclosure rate.

When broken down into metropolitan and municipal areas, Illinois communities struggled as well. In the City of Chicago, one in 1,027 homes received a foreclosure filing. The situation is even worse in other areas, such as Rockford, Illinois, where one in 726 housing units is in foreclosure and Peoria, where one in 952 homes is in foreclosure. These numbers represent some of the highest foreclosure rates among all metro areas with more than 200,000 residents.   

Speak With an Illinois Foreclosure Defense Attorney

The numbers associated with the recent report can be daunting, but receiving a foreclosure notice in the mail is likely to be life-changing. If you are concerned about a possible foreclosure, you need help. Contact an experienced Libertyville foreclosure lawyer at Newland & Newland, L.L.P. today. Call 847-549-0000 to schedule a free phone consultation and case review.

Sources:

https://www.attomdata.com/news/market-trends/foreclosures/u-s-foreclosure-activity-up-13-percent-in-january-2020-2nd-consecutive-month-over-month-increase/

https://www.inman.com/2020/02/20/foreclosures-climb-13-in-january/

https://mortgageorb.com/foreclosure-starts-basically-flat-in-january