Illinois Foreclosures Up Despite Nationwide Drop
According to a recent foreclosure study completed by ATTOM Data Solutions, nationwide foreclosures are at an 11-year low. Bank repossessions are also down as a result. Between January and February of 2017, bank repossessions dropped 7%. And believe it or not, bank repossessions nationwide actually dropped 18% between February of 2016 and February of 2017.
However, those are nationwide numbers. In Illinois, it’s quite a different story. New foreclosures are actually up 11% in Illinois. While that seems like a lot, it’s still better than some of the other states. Florida foreclosures are up 12%. New Jersey is up 24%. Texas is up 26%, and Alabama has a whopping 40% increase in new foreclosures. A total of fifteen states, plus the District of Columbia, have more new foreclosures this year than last. Of the 20 largest cities in the United States, Houston, San Francisco and New York have had significant increases in foreclosure activity over last year. The good news is Chicago was not identified as one of the cities with an increase in foreclosures over last year!