The Illinois housing market appears to be at the rear of
the pack when it comes to recovery, despite several studies supporting
progress. According to the Mortgage
Bankers Association, at the end of September 2012, 8% of Illinois’ mortgages
are delinquent, making us one of the slowest markets in recovery in the nation.
They also report that 1.29% of those mortgages are in
pre-foreclosure and 6.83% are already in foreclosure. In the entire nation, only Florida and New
Jersey have higher numbers. To put this into
perspective, while non-judicial states’ foreclosure rate averages 2.4%, states
like Illinois, which is a judicial state, averaged 6.6%, and this was a
decrease from a previously higher level of default.
The association’s VP, Mike Fratantoni says, “Illinois was
one of the states that we highlighted as a slow-moving judicial process.” He still believes overall the outlook is good
due to the significant reduction of the shadow market.
On the contrary, according to an article in the Chicago
Tribune, 60% of all delinquent mortgages originated from 2005 –
2007. Realty Trac, reports
that in the 6 county Chicagoland area, Cook, DuPage, Will, Kane, Lake and
Kendall, there were 12,212 properties that were issued foreclosure notices just
in October 2012. This is a 3.6% increase
from September and 18.6% from October 2011.
Of those 12,212 homes 3,117 of them were repossessed.