Illinois Has Highest Foreclosure Rate in the Country!

According to date recently posted by RealtyTrac, Illinois had the highest foreclosure rate in the nation in August 2012.  Nearly 18,000 Illinois homes received a foreclosure notice in August; approximately 8,600 of those were new foreclosures, meaning the lender just initiated the foreclosure in August.

Over 90% of the homes receiving foreclosure notices last month were in the Chicago area.  Of those homes, most were in Cook County.  4,842 Cook County homes received their first foreclosure notice last month.  Another 2,210 Cook County homes received a notice that their home was now foreclosed and scheduled for auction.  Lastly , 2,035 Cook County homes were repossessed by lenders.

Overall, there was a whopping 42% increase in foreclosure activity between August 2011 and August 2012.  Foreclosure activity increased nearly 30% in just one month, from July 2012.  What does this mean?  Expect an influx of foreclosures on the market in the coming months!