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Illinois Tops Nation in August Foreclosures

For the first time, the Land of Lincoln leads the list of monthly residential foreclosures.

 

Crain's Chicago Business is reporting Illinois posted the nation's highest foreclosure activity for the month of August.

The unwelcome distinction marks the first time Illinois has topped the list, which has been distributed by Realty Trac Inc. online over the past seven years, Crain's said.

A total of 17,781 residential properties had foreclosure-related filing status last month. That number equates to one home in every 298 housing units, Crain's reports.

The stats represent a 42-percent increase over 2011 for Illinois. The article states most of the foreclosures were in the Chicago area. 

RE/MAX Realtor Rich Perillo said some buyers are interested in the foreclosed houses, particularly those looking for a good deal. The foreclosed houses often involve shorter closing/ wait times for buyers than a short-sale, he said.

“The bank-owned properties are a much shorter closing time than short sales," said Perillo, who is based out of RE/MAX in Barrington, but sells throughout the Chicagoland area.

Perillo said whether Fannie Mae, Freddie Mac, or a bank owns the property the closing process is much easier and shorter than short sales. In some cases, Freddie or Fannie will do some minor repair such as carpet and paint prior to putting the house up for sale.

"Banks usually will not do any repairs," he said. "In both cases, the houses are as-is sales. Buyers looking for a house with few repairs will be very choosey when it comes to distressed properties. Other buyers are looking for a good deal and don’t mind some repairs so they will be more interested in distressed properties. All buyers will at least look at these houses either online, or in person because of the price."

Foreclosure starts in the state rose 18 percent annually, and scheduled foreclosure auctions increased 116 percent last month. Bank repossessions jumped 41 percent, compared to 2011, the story said. 

Crain's said nationally foreclosure filings were reported on one in every 681 properties, a 15-percent decrease from August 2011.

Florida, California, Arizona and Nevada joined Illinois among the top five states in the country for foreclosure filings, the story stated.

McCloud September 15, 2012 at 08:59 PM
Sweet, maybe Quinn can raise taxes again and we can catch California for the largest deficit by the end of his term. Uhaul companies are making a fortune here in the land of the teachers unions.
Tbone September 16, 2012 at 12:00 PM
I thought QE3 to Infinity was supposed to stop this and also create jobs?????? Bernanke should be fired.
jeff September 18, 2012 at 03:45 PM
These houses are so cheap now! I just looked at a 2200 square ft home built in 06 like new hardwood floors, updated everything on .30 acre 126k !! Keep em comin Illinois!
babs September 19, 2012 at 03:22 PM
Jeff, sounds like you got lucky. There is a foreclosed home by me that had been broken into by homeless. Outside looks fine, but the inside was trashed.

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