Illinois Ranked 7th Worst State For Foreclosures
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CHICAGO (CBS) — Illinois has found its way onto the list of the top 10 states with the highest foreclosure rates.
As WBBM Newsradio’s Brandis Friedman reports, foreclosure listing service RealtyTrac says one in every 369 homes in the state of Illinois received a foreclosure notice in January.
RealtyTrac says a total of more 14,369 homeowners received notices. That places Illinois at No. 7 among the states with the highest rates for foreclosures.
Illinois is outranked only by Nevada, California, Arizona, Georgia, Michigan and Florida.
Indiana came in at No. 10, with one in every 555 homes receiving a notice last month.
RealtyTrac says nationwide, foreclosures are up 3 percent from December, but down 19 percent since January of last year.
But experts predict the rate will worsen this year, after a $25 billion multi-state settlement with major banks is expected to pave the way for more foreclosures.
LISTEN: WBBM Newsradio’s Brandis Friedman reports