Illinois Foreclosures Rise 14 Percent in January

CHICAGO (AP) – Illinois home foreclosure activity rose 14 percent in January compared to the previous month as lenders resolve paperwork problems that had slowed the process.

A report released Thursday by RealtyTrac shows Illinois with 14,349 foreclosure filings last month. Filings include default notices, auction-sale notices and bank repossessions.

The filings represent one in every 369 housing units in the state. That rate is also 9 percent higher than in January of last year and seventh-highest nationally.

RealtyTrac says it expects foreclosures to continue to rise now that attorneys general in 49 states reached a settlement with five of the nation’s largest lenders that outlines foreclosure guidelines.

Nevada continued to have the nation’s highest foreclosure rate.

Other states with foreclosure rates higher than Illinois are Arizona, California, Florida, Georgia and Michigan.
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(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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