News & trendsMarket conditions

Illinois foreclosure starts down, completions up year-over-year

by Joe Zekas on 5/15/14

According to data just released by RealtyTrac, Illinois had the sixth-highest rate of foreclosure filings in the nation, with one in every 706 Illinois homes in some stage of foreclosure.

New foreclosure filings in April fell 38.63% year-over-year in Illinois and foreclosure completions soared by 54.61%.

“The rise in bank repossessions in many states is a sign that those markets are working through the final remnants of foreclosures left over from the recent housing crisis,” said Daren Blomquist, vice president at RealtyTrac. “Many of these bank-owned homes are bottom-of-the-barrel properties in terms of location or condition, but they will provide some much-wanted inventory of homes for sale in some markets in the coming months. Investors and other buyers willing to do more extensive rehab will likely be best-suited for these incoming REOs.”

  • Facebook
  • Google Buzz
  • Digg
  • LinkedIn
  • StumbleUpon
  • Google Bookmarks
  • Live
  • Posterous
  • Reddit
  • Technorati
  • Tumblr
  • email

No related posts.

{ 1 comment… read it below or add one }

tone May 15, 2014 at 7:18 AM

Good news, Banks in Illinois are working through the back log of troubled properties.


Leave a Comment

Previous Post:

Next Post: