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

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.”

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