Illinois foreclosures rise 33% in July

Illinois foreclosures rise 33% in July
By Mary Ellen Podmolik
August 12, 2010.
http://chicagobreakingbusiness.com/2010/08/9369.html


One in every 269 homes in Illinois received some sort of court filing related to the foreclosure of their home last month, making the state one of the worst in the nation for foreclosure activity.

The 33 percent increase in foreclosure filings since June was the biggest monthly increase among the 10 states with the top foreclosure rates, RealtyTrac reported Thursday. A total of 19,602 Illinois homes received a filing, including 4,614 homes that were repossessed by banks.

In a bad sign of what’s ahead for the local home market, another 8,491 homes received notices of default in July, the first step in the foreclosure process. That adds to the 27,084 Illinois homes that were taken back by banks in the year’s first six months.

Nationally, foreclosure problems worsened last month as well, as foreclosure filings rose 9 percent since July and were up 6 percent since July 2009. The number of bank repossessions across the nation in July, 92,858, was the second highest total recorded since online real estate Web site RealtyTrac began tracking foreclosure activity in April 2005.

It was only topped by the 93,777 repossessions in May.