Posted on December 3rd, 2012
The rate of foreclosure processing in Illinois is almost similar to other areas in the US but there is large number of court-supervised foreclosure cases that are increasing the supply of foreclosed homes in the real estate market.
By the end of this first quarter of 2012, there was nearly 7.5% one-to-four units residential homes in Illinois which were in foreclosure whereas according to a report published by Mortgage Bankers Association last week, in the same period, there was 4.39% one-to-four units? residential homes in the country which were in foreclosure.
The chief economist at Mortgage Bankers Association, Jay Brinkmann said, ?Illinois and New Jersey trail only Florida as being the worst in the country, and they?re getting worse. The rate in Illinois is more than twice that of California. In the judicial states, the problem continues to get worse in terms of the backlog of loans in the foreclosure process.?
Vice president at the economics and research department of this association, Michael Fratantoni stated, ?This is not a case that loans are entering foreclosure at a greater extent than in nonjudicial (states). It?s that they?re staying in foreclosure longer.?
The quarterly report on delinquency survey all across the nation by the trade group reveals that there are many regions like Illinois. In the states where foreclosure cases pass through courthouses, the rate of foreclosure cases with mortgage loans was 6.9% which is the highest quarterly record so far.
While the judicial regions reported the maximum percentage in this quarter, the non judicial states reported the lowest quarterly rate since 2009. The rate in non judicial areas was 2.8%.
Fratantoni added, ?That difference is due entirely to the systems some states have in place that effectively block timely resolution of nonperforming loans. Hard-hit markets like Arizona that have moved through their foreclosure backlog quickly are seeing home price gains this spring.?
The homeowners advocates prefer to pass the foreclosure cases through legal processing because legal system secures the rights and protections of the distressed homeowners. Among the 21 judicial states in the country there are 11 states which reported a lower foreclosure rate as compared to the national rate in the first quarter of this year.
Photo by Digitalart.
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Illinois Foreclosures Flooding the Real Estate Market
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