Foreclosures, Foreclosures and more Foreclosures

Illinois is not following the national trend when it comes to foreclosures. While overall the number of foreclosure filings nationally were down about 9% from March to April, Illinois had an increase of 33% from 14,199 filings in March to 18,870 filings in April.Ā  In fact, in April 9,049 initial foreclosure notices were sent out last month which means almost half of the notices that went out last month were to homeowners who have just recently fallen behind making their mortgage payments, so this problem is not going away any time soon. Additionally, 4,500 homes were foreclosed on (banks took ownership) in April, which will eventually add to the supply of homes already for sale and continue the downward pressure on prices.

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