Attorneys At Law

Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

Attorneys At Law - Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

Illinois Foreclosure Rates Dropping but Still Among Nation’s Highest

Foreclosure home in Illinois

Photo by respres licensed under the Creative Commons Attribution 2.0 Generic license

As the national economy improves, we are beginning to see some improvements in the Illinois real estate market.

The number of Illinois homes that have entered into the foreclosure process fell 10 percent since May, according to a report by the real estate market research firm Attom Data Solutions.

Foreclosures in Peoria are down 23%, foreclosures in and Champaign-Urbana are down 55 percent, and Rockford, with some of the highest foreclosure rates in the nation, fell 25 percent in the past 12 months ending in May.

Attom Data Solutions Vice President Daren Blomquist has said foreclosure starts are a “good barometer of the immediate financial condition of homeowners in Illinois”.

Model Home TaxBecause of the improving economy and falling unemployment rate, people that have bought homes in Illinois since the recession have seen their home values rise.

With the improved economy and real estate market, it has become easier for people to sell their homes if they need to, rather than facing foreclosure.

“If they do lose their job, they’ll typically have the equity in their home to get out of trouble,” he said Mr. Blomquist.

Illinois has second highest property taxes in nationOne major problem with home values in Illinois is that the high property taxes tend to suppress home values, thus lowering equity.

Even with the lowering number of foreclosures, Illinois has the sixth-highest foreclosure rate in the U.S.

Related post: Illinois has second highest property taxes in the nation


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The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090