The Chicago-Naperville-Joliet IL Metro Area shows the highest rate of foreclosure for any area in IL, for the First Half of 2009.
As reported by the Associated Press in today's Chicago Tribune, a study by CA based RealtyTrac shows greater than 63,500 Foreclosure Filings in the 8-County Chicago IL Metro Area between January 1 and June 30, 2009. That's a 30% increase over 2008! In the Chicago Area, 1 out of 59 homes are at some stage of the foreclosure process.
Experts pin the blame on rising unemployment locally, rather than any collapse in the mortgage market.
Across IL, foreclosures were up 15% in the Rockford IL Metro Area, and a whopping 40% in the Western IL/Eastern IA area that includes the Quad Cities.
On a somewhat more positive note, foreclosures actually FELL in several Downstate IL Metro Areas. The Peoria IL area experienced a 22% drop in foreclosure activity during the First Half, 2009. Foreclosures fell 11% in Champaign-Urbana IL, home of the University of Illinois. In the State Capital of Springfield IL, foreclosures fell 29% during the First Half, as compared with the same period in 2008.
Please read our post today via BlogChicagoHomes.com.
DEAN & DEAN'S TEAM CHICAGO
Originally from the Western Burbs this is sad to hear. The good news is that some of the national numbers are beginning to improve.
Dean,
I feel for you selling in that market. Any place auto-related, here too, has had the crap kicked out of it.
Dean, I was reading about Illinois recently and I had no idea they had been hit so hard recently. Hang in there.