Although the country appears to be still reeling from the May spike, we look as though we are heading in the right direction. For two consecutive months now, both the state and nation’s foreclosure activity has decreased according to RealtyTrac. As many of us saw, May gave Illinois a shocking 29% increase in foreclosures from the previous month. Yet, the numbers were down again in July posting a 7.7% monthly decrease for the state; this is in conjunction with June’s totals: A roughly 8.5% decrease. The country saw just under a 3% decrease from last month and an astounding 10% annual decrease in all foreclosure activity —which includes default notices, auction-sale notices, and bank repossessions. Yet, don’t be so keen to celebrate; we are still very much in trouble.
Although the Windy City still remains as “The Number One Foreclosure City in the Nation,” these numbers are marginally encouraging for Illinois and Chicagoland. It appears that all relevant statistics display decreases in foreclosure activity, according to RealtyTrac. On average, one in every three hundred eighty five houses foreclosed in July—a 10% decrease as compared to June’s numbers. Furthermore, Cook County itself has witnessed over a twelve percent reduction in foreclosure filings.
Yet, by no means do these numbers conclude success. Illinois has moved up to the third worst foreclosure state in the country, behind just Florida and California. The average household foreclosure rate for Illinois mentioned earlier pales in comparison to the national average: one in every six hundred eighty six homes. Illinois remains as a foreclosure hot bed, mired in a seemingly unsolvable mess. Moreover, Cook County’s rates are almost 130% over the national average. Although the monthly differential brings positive news, the Chicago Tribune reports it is an astounding 37% increase as compared to July 2011. 37%! As for the rest of the nation, California posted a horrific 42,081 houses in the foreclosure process for the month of July. By no means are we out of the woods.
"Lenders are much less likely now than they were even a year ago or two years ago to repossess a property after they've started the foreclosure process," said Daren Blomquist, a vice president at RealtyTrac.
Clearly, the country and the state of Illinois still face foreclosure demons. Foreclosure is, unfortunately, plaguing our nation. Our Oak Park and River Forest foreclosure attorneys know that this is a complicated and intricate issue. The Emerson Law Firm aids multitudes of individuals with foreclosure troubles. If you are dealing with a foreclosure, please consider giving our firm a call in order to help you traverse this difficult process.
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