Illinois Foreclosures Fell in 1st Quarter
CHICAGO (AP) — Illinois home foreclosure activity fell almost 28 percent in the first quarter of 2011 compared to the same period last year.
A report released Thursday by Irvine, Calif.-based RealtyTrac shows Illinois with 33,092 foreclosure filings in the first quarter. Filings include default notices, auction-sale notices and bank repossessions.
The filings represent one in every 160 housing units in the state, the 10th-highest rate nationally.
RealtyTrac says the housing market nationally is still weak despite the dip in foreclosures, due mainly to low demand, falling home prices and lack of available credit.
Nevada continued to have the nation’s highest foreclosure rate — one in every 35 housing units.
Other states with foreclosure rates higher than Illinois are Arizona, California, Colorado, Florida, Georgia, Idaho, Michigan and Utah.
Copyright 2011 The Associated Press