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”.
Because 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.
One 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 modifications, buying and selling legal assistance, short sales and deeds in lieu, mortgage foreclosure defense, and more.