llinois foreclosure activity in Nov. up 36% over 2006

Illinois & Chicago Foreclosure News

(Crain’s) — Illinois foreclosures dropped in November after three consecutive months of increases, but were much higher than last year.

A total of 8,238 Illinois homes were in some part of the foreclosure process during November, RealtyTrac reported Wednesday. That marks a nearly 15% decline from October, but reflected the largest year-to-year gain with 36%.

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Foreclosures in the Chicago area also were down in November, nearly 22% from the previous month. A total of 6,289 homes in the Chicago area were in the foreclosure process, according to Irvine, Calif.-based RealtyTrac.

Illinois and Chicago fared better than national statistics. The more than 200,000 national foreclosures represented a 10% decline from October but a nearly 68% increase from the previous November.

“This could indicate that foreclosure activity has topped out for the year, but the true test of whether this ceiling will hold will come at the beginning of next year – when we anticipate that a seasonal surge in foreclosure filing and another possible wave of resetting mortgages could place further pressure on the housing market,” RealtyTrac CEO James Saccacio said in a statement. “But if the trend of flat or decreasing foreclosure activity we’ve seen over the past three months continues in the first quarter, it would certainly bode well for 2008.”

Nevada continued its national lead, with 167% more foreclosures than in the previous November. The other highest states were Florida, Colorado, California, Michigan, Georgia, Arizona and Indiana.

 

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