Illinois’ unusually high number of foreclosures contributed to a national jump not seen since the last housing market collapse, with Rockford having the third-worst rate in the nation.
The October foreclosure report by ATTOM Data Solutions shows the nation experienced a 27 percent increase in foreclosures, the largest jump since August of 2007, when the housing market began its slide. Illinois had one of the highest percentages in the nation with one out of every 704 homes in foreclosure.
ATTOM VP Daren Blomquist says they don’t know the reason for this sudden uptick in foreclosures. “We don’t know all of the reasons behind this, but it definitely stands out as a pretty dramatic increase that we saw in October,” he said.
Illinois also stood out as having 100 percent more homes listed for foreclosure sale than in September. Blomquist said these are foreclosures that are at the end of the long foreclosure process.
“These are people who are already in the process, sometimes for years, their properties are being scheduled and their day of reckoning has come.”
Rockford had the third most foreclosures in the nation, with one in every 481 homes. Blomquist thinks the city’s poor economic climate may be to blame. “They’re still dealing with the cleanup from the last crisis. Fifty percent of the loans that are in foreclosure are still tied to 2004 to 2008.”
But, he said cities like Rockford are likely to be experiencing a high number of new foreclosures due to a down economy, not as a remnant from the housing crisis of several years ago.
–Illinois News Network