Overall, the number of Illinois foreclosure filings in August fell 6 percent from the number in July, and total filings are down nearly 60 percent from the height of the housing crash. Nevertheless, Illinois still sees one foreclosure for every 725 housing units, which is the eighth highest foreclosure rate in the country.
Foreclosure Filings Remain at Uncomfortably High Levels
While Illinois saw a modest dip in the number of default notices, auction-sale notices, and bank repossessions, other states weren’t as lucky. Nevada, for example, had the highest foreclosure rate in the nation, as residents of the Silver State are more than twice as likely to face home foreclosure as residents of Illinois. Other states that have higher foreclosure rates than Illinois include Delaware, Indiana, Ohio, Utah, Maryland, and Florida, which was particularly devastated by the housing crash.
Nationwide, the overall foreclosure rate in August was roughly two percent lower than the rate in July, but it was 34 percent lower than the rate of home loan defaults in August 2012. This suggests that the foreclosure crisis triggered by the recent recession may have reached its peak, but a lagging economy has kept the foreclosure rate at an uncomfortably high level.
Illinois Homeowners Should Fight to Keep Their Homes
The backlog of Illinois foreclosures may be on the decline, but state courts are still struggling to sift through the overwhelming number of home default actions. In addition, foul play by mortgage lenders has helped many Illinois residents save their homes from the grasp of unscrupulous lenders.
If you’ve received a foreclosure notice from your lender, you don’t have to give up. In fact, if you call an Illinois foreclosure attorney, you may be able to spot fatal weaknesses in your lender’s effort to foreclosure on your home. The foreclosure process is fraught with many obstacles for mortgage lenders, and homeowners would be wise to make every effort to save their homes.