Inside these posts: Mortgage defaults

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Illinois foreclosure numbers fall in February

A foreclosed home up for sale in Elgin in 2009. (Scott Olson/Getty Images)

The number of homes in foreclosure plummeted in both Illinois and the U.S. in February, but despite the slowing flow, many analysts believe the foreclosure pipeline has not turned off yet.

In Illinois, 5,568 homeowners received notices that their mortgages had fallen into default and foreclosure proceedings had been initiated, while 1,471 properties were scheduled to go to auction and another 2,553 homes were repossessed by lenders, RealtyTrac said Thursday.

Altogether, the 9,592 notices related to a foreclosure last month showed a decline of 27.13 from January and 44.59 percent from February 2010. Get the full story »

Processing woes lower mortgage default notices

More than 8,300 homeowners in Illinois received notices from lenders that they’d defaulted on their mortgages and had foreclosures proceedings initiated against them last month, according to a monthly foreclosure report issued Thursday by Web site RealtyTrac.

In addition to the 8,345 homeowners receiving default notices, another 1,908 received notice that their homes were scheduled for court-ordered auction and 2,910 homes in the state were repossessed by lenders. Get the full story »