Illinois foreclosure listings are still growing, putting the state tenth in a ranking of state foreclosure rates in the July to September quarter as unemployment in the state continued to rise.
According to a foreclosure tracking firm, a total of 37,270 residential units in Illinois were notified of foreclosures in the July to September period. Nearly 19,000 of these units received lis pendens notices while more than 9,700 units were already counted as real estate owned properties.
With a foreclosure rate of one in 141, Illinois ranked tenth in a ranking of states based on foreclosure rates. Foreclosure activity throughout the state stepped up by nearly 14 percent from the previous quarter and by more than 30 percent from last year’s third quarter.
In Illinois, the sharpest increase in foreclosure filings in the July to September period occurred in the Tri-Cities region, where foreclosure filings soared by a staggering 91 percent from the same quarter in 2008. A total of 511 houses were foreclosed in the neighborhoods of Tri-Cities, Maple Park, Elburn, North Aurora and South Elgin.
Communities in Saint Charles posted the highest level of foreclosures, compared to other neighborhoods. The other communities with increased foreclosure activity were South Elgin, North Aurora and Geneva.
According to housing analysts, the number of houses in Illinois foreclosure listings increased in the third quarter because of a sharp rise in foreclosures that entered the market in July. During this month, lenders completed their foreclosure actions which were delayed by a state law prohibiting lenders from filing foreclosure actions within 30 days after homeowners become in default by 30 days.
They also said that foreclosure postings may continue to increase as lenders pursue foreclosure actions which were hindered by moratoriums and loan modifications.
In September, the unemployment rate in Illinois climbed up to 10.5 percent, compared to 10 percent in August, based on data from the Illinois Department of Employment Security.
Fred Giertz, economist at the University of Illinois, explained that although the statewide economy is slowly improving, the unemployment level is still high because not many enterprises have the need to hire more people. Their productivity level has improved, making their current level of workforce adequate for their operations.
According to Geoffrey Hemings of the University of Illinois, the state lost a total of 306,000 jobs between August last year to August this year.
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