Residential foreclosure rates in Illinois rose in November, but are still on the decline compared to October?s numbers. One out of every 392 Illinois homes has a foreclosure filing, which is the third highest foreclosure rate in the country, according to RealtyTrac, Inc.
On a national level, the number of foreclosure filings fell 3 percent from October, and the drop in foreclosure activity is a sign that the housing market is beginning to recover. As the economy improves, fewer homeowners are defaulting on their mortgages. Foreclosures are also no longer a major bargain. In September, the average discount on a foreclosed home was only 8 percent below market value.
The current high foreclosure in Illinois rate isn?t necessarily a bad sign. Before the housing market can fully recover and new home construction can pick up again, the current foreclosure inventory will need to be sold. It is also important to note that Illinois foreclosure rates consistently rank higher than average because all foreclosures must be finalized through the courts.
As of September, the Chicago real estate market had the 11th highest foreclosure rate of large metro areas, but this number has been decreasing since the summer. It is predicted that foreclosure rates will begin to stabilize in early 2013 after lenders are able to sell more of their current backlog.
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