Illinois home foreclosures fall 14% from July

By Mary Ellen Podmolik
Posted Sep. 16, 2010 at 6:26 a.m.

The fewest number of initial foreclosure notices were sent to Illinois homeowners in August since February but more than 4,000 homes in the state continue to be repossessed by lenders each month, new data shows.

In August, 6,912 Illinois homeowners received notice that their loans were in default and their lender had started foreclosure proceedings against them, a decrease of almost 19 percent from July’s activity, RealtyTrac reported.

Overall, there were 16,808 notices sent to homeowners last month that their properties either had entered foreclosure, were going to court-ordered auction, or had become bank-owned. While that level was a drop of 14.25 percent from July, Illinois’ foreclosure activity was up 28.52 percent from August 2009.

Nationally, foreclosure filings rose 4 percent in August, from July, but were down 5 percent from August 2009.

Separately, CoreLogic reported that home prices in the Chicago area were down 2.8 percent in July from their year-ago level. The report included sales data from both traditional and distressed home sales. Excluding distressed sales, prices on a year-over-year basis fell 2.8 percent.

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  1. james Sep. 16, 2010 at 9:30 a.m.

    I like how they report this as good news. It’s not so don’t be fooled. The likelihood of the numbers swinging the otherway is a no-brainer.

  2. Lucid Realty Sep. 16, 2010 at 9:31 a.m.

    Yes, but the foreclosure activity is up 60% over last year’s level:

    In addition, distressed properties were almost 40% of all sales in August.