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Foreclosures Still Plague Illinois Housing Market

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CHICAGO (WBBM) — The latest home foreclosure figures show that Illinoisans are doing better than they did a year ago, but still aren’t out of the housing mess.

Newsradio 780′s Regine Schlesinger reports, Illinois still accounts for about 5 percent of the nation’s foreclosure filings.

LISTEN: Newsradio 780′s Regine Schlesinger Reports

RealtyTrac’s Rick Sharga says in October, foreclosure activity here was up 7 percent over September. But, the rate dropped 15 percent from the year before. Sharga says the fundamental problems weighing on the housing market persist.

“Unemployment continues to be stubbornly high. … We saw two reports this week about home prices dropping; home sales continue to languish, consumer confidence is still weak,” he said.

Sharga says last month’s foreclosure figures might have been artificially lowered by the temporary freeze that took effect due to some lenders’ paperwork problems.