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Foreclosures rise sharply in Illinois last month
By Anna Marie Kukec | Daily Herald Staff

RealtyTrac is reporting a 22-percent year-to-year increase in foreclosures in Illinois during August. The state remains in the top 10 nationally.

 

Associated Press

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Published: 9/9/2009 10:24 PM | Updated: 9/14/2009 11:17 AM

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While parts of the economy show signs of relief, Illinois remained in the top 10 with foreclosures during August, according to data expected to be released today.

Compared to a year ago, the foreclosure rate in Illinois rose about 22 percent in August, according to Irvine, Calif.,-based RealtyTrac.

However, Illinois showed a slight improvement as the August foreclosure rate dipped about 10 percent compared to the month before.

"Illinois' high foreclosure rate is driven by high unemployment," said RealtyTrac spokesman Daren Blomquist.

RealtyTrac, an online data service that tracks foreclosure properties nationwide, said that all foreclosure filings, including default notices, scheduled auctions and bank repossessions, were reported on 358,471 properties nationwide during August. That's a decrease of about 1 percent from July, but a nearly 18 percent increase from August 2008.

That means one in every 357 households nationwide received a foreclosure filing during August.

The RealtyTrac report also showed that Nevada continued to lead the nation with a 53 percent increase over August 2008. Florida and California followed.

In fact, six states accounted for 62 percent of the national total, data showed.

While Illinois sat at No. 10 nationwide for the highest rate of filings -- one for every 401 households -- the state's total number of foreclosure properties -- 13,078 - placed Illinois at No. 6 during August.

"Home depreciation was another major reason for the higher rate," Blomquist said. "It's a disincentive to hold onto a home if it's under water."