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Experts: Foreclosure Decline Is Temporary

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File Photo Of Foreclosure Sign (AP Photo)

File Photo Of Foreclosure Sign (AP Photo)

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CHICAGO (WBBM) – Foreclosures were lower in Illinois last month, but experts say it’s a temporary decline.

As WBBM Newsradio 780’s Mike Krauser reports, foreclosures were down 21 percent last month, compared to a year earlier.

LISTEN: Newsradio 780’s Mike Krauser reports

But the reason is an investigation by the federal government into how banks have been handling the paperwork. Thus, the decrease is not expected to last.

Illinois had nearly 10,000 foreclosure filings last month alone, and foreclosures were still much higher last year than 2009.

In total, there were more than 151,000 filings in 2010, a 15 percent jump over 2009.

Illinois joined with California, Florida, Arizona and Michigan to account for half of all foreclosures nationwide.

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