Versión en Español
Bank Foreclosures in Illinois
The entire country is going through a spate of foreclosures and foreclosures in Illinois are hitting the headlines. To understand the gravity and impact of foreclosures in Illinois it is necessary to understand the background. Why should bank owned homes in Illinois at all take place? Illinois is a populous state bursting with industrial activity. The Chicago port connects it to the Great Lakes, Mississippi River through the Illinois River. It is said that Illinois is a microform of United States and yet bank owned homes in Illinois are stalking the region. Its rich farmlands attracted the best from Germany and Sweden but the same land is reeling under foreclosures in Illinois. The jazz music of Illinois fame is slowly being silenced by foreclosures in Illinois.
The foreclosure is a legal procedure that is taken by banks against those borrowers who cannot pay their mortgage dues. Banks being the main lenders reference is made to bank owned homes in Illinois. Illinois bank foreclosure numbers decreased in November 2007 but during the previous three months foreclosures in Illinois had been on the rise. By foreclosures reference is made to all the stages of foreclosure – the notices of default, auction and final repossession by the bank. During November there were 8,238 bank homes in Illinois. It marked a decline of foreclosures in Illinois of 15% from October but it showed the largest year-to-year gain of 36%. In Chicago the number was down by 22% from October with a total of 6,289 houses being foreclosed upon. In the national statistics foreclosures in Illinois were better with a 10% decline from October but it was offset by 68% rise of bank owned homes in Illinois compared to the previous year.
Reports coming in after the close of 2007 show that Illinois foreclosure filings had doubled from what it was two years ago. In 2007 there were 90,8000 foreclosures in Illinois on 64,310 properties. A single property might be saddled with multiple mortgages. It showed a rise of 25.3% from 2006 and a whopping 94.3% from 2005. In 2007 Illinois ranked among the top offending states with California leading the race. The figures of California were treble that of 2006 and six times more than 2005. The contrast will show up more clearly the position of bank owned homes in Illinois. In Illinois 1.25% of all the houses entered some stage or the other of the foreclosure zone. Cook County in the Chicago metropolitan area gave the lead.
