CHICAGO REAL ESTATE ALERT - IL FORECLOSURES FAR BELOW MANY STATES IN U.S.
ILLINOIS AND CHICAGO FORECLOSURE ACTIVITY REPORT
According to Realty Trac, and data compiled by The Chicago Association of Realtors, Illinois was ranked 15th in the U.S in Residential Foreclosure Filings for the Third Quarter, 2007. Foreclosure rates here in Illinois increased 3.4% over the Third Quarter, 2006.
The worst increase came in California, up 297.0% from a year ago. Nevada experienced a 202.4% increase in foreclosures from a year ago, while the State of Florida has seen foreclosures increase 115.4% from the Third Quarter, 2006 figures. Neighboring Michigan residential foreclosures increased 110.7% from last year.
Across the nation, one in 196 households filed for foreclosure last quarter, compared to one in 257 households here in Illinois.
Most foreclosures occur as a result of a lost job, while many result from adjusting rates on certain mortgages, and a smaller number due to fraudulent lending practices, according to a survey of Chicago Area Default Counselors, just completed earlier this year. A new program, called FHA Secure, can help certain families whose adjustable rate mortgage loans now exceed their budget.
Should you have any questions on the serious factors affecting today's real estate and mortgage market place, please call Dean's Team anytime.
DEAN'S TEAM LEADER,
DEAN MOSS
