Foreclosure rate up in Illinois during 2012

January 17, 2013

There were fewer foreclosures in the US in 2012 compared to the previous year. But Illinois was one of 25 states where the rate increased.

The latest report from RealtyTrac shows Illinois’ foreclosure activity increased by 33 percent in 2012 compared to the previous year. In fact, the state is in the top 5 for having the nation’s highest foreclosure rates. Florida tops the list. Over 3 percent of homes received a foreclosure filing during the year.

But Neeti Arndt with realty company Dreamtown says it’s been a busy January so far in Chicago. She thinks the worst is over.

"All neighborhoods are seeing a lot less inventory, and I think that’s due to a really strong buyer demand. And the interest rates are really driving this as well as we’ve seen a slight uptick in the last month with interest rates. That’s causing buyers to really get out there and understand this is the time to take advantage of the market," she said.

Arndt thinks homes prices could stabilize in Chicago by this year.

Meanwhile, foreclosure activity for half of the country dropped last year. RealtyTrac reports a lower foreclosure inventory for those states helped median sales prices to increase for 2012.

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