Illinois Continues to Report Foreclosures

Illinois Continues to Report Foreclosures

RealtyTrac has reported in its recent report that Illinois is one of the few states where foreclosures are climbing higher.

The checker said that despite recording a strong, double-digit, and a year-over-year increase in foreclosure activity last month, Illinois still continued to follow the national trend of falling foreclosure rates.

During the month of August, Illinois has the highest foreclosure rate in the nation but in September, same wasn't reported as the distinction was marked by Florida in the month.

If reports are studied, during the last month, there were 14,087 Illinois homes that filed for foreclosure no matter followed by which reason whether it was an initial notice of default, notice that a court-ordered sale of the property had been scheduled or whether the home had been repossessed by the lender.

The firm added that Cook County is known as the state's most populated county where 7,257 foreclosures were filed last month, which was calculated to be 20 percent lesser than the figures of August but were noticed to be 18 percent up from the figures from September 2011.

"The five-year low, combined with the fact that the year-over-year decrease in foreclosures was in its twenty-fourth straight month, is evidence that we're past the worst of foreclosure crisis," said Mr. Daren Blomquist, vice president of RealtyTrac.