Lisa Simpson
May 20,2008
In: Bank Foreclosures

Illinois Bank Foreclosures

Illinois State is in Midwest America being a populous as well as demographically variegated region. The jumbo city of Chicago lies to the north. There is agricultural activity in central and western Illinois while the south is rich in coal, timber and petroleum. Considering the broad base of the economy in the state it is strange that Illinois bank foreclosures should be a matter of importance today. Illinois is a major transport hub with Chicago port connecting the Great Lakes with Mississippi River through the Illinois River. Illinois is said to be a mini version of USA and as such Illinois bank foreclosures reflects what is going on in the rest of the country.

The foreclosure is a judicial process and part of the mortgage world. When a borrower fails to repay debts the lender, usually the banks, forecloses and takes back the property that has been mortgaged or kept as collateral to realize unpaid dues. Of late Illinois bank foreclosures are gaining prominence because keeping in tune with the national trend there has been a staggering increase in the number of foreclosures hitting the socio-economic base of the notice.

As per report coming in the last week of April 2008, there has been a 62% increase in Illinois bank foreclosures during the first quarter of this year as compared to the same time in 2007. Illinois bank foreclosures are a fall out from the meltdown of sub-prime mortgages that is sweeping the state as well as the nation. Illinois bank foreclosures ratio is one out of 221 houses. There have been 22,121 Illinois bank foreclosures. The term Illinois bank foreclosures refers to the houses being in some stage of the foreclosure process. The number of Illinois bank foreclosures has placed the state 12th in the US list. Nevada, California and Florida were the top rankers according to the data released by RealtyTrac.

In Chicago the proportion is 1: 163 making it rank 28th among the metro regions. Detroit was first ranker with 1:51. Illinois bank foreclosures made the state among the 37 states that saw rapid increase in foreclosure numbers. The pace of increase of Illinois bank foreclosures outdid the national rate of 35.4%. The rise in Illinois bank foreclosures has led the Lisa Madigan the Attorney General of Illinois to press for state legislation to give some protection to the victims of Illinois bank foreclosures. More than 50% of foreclosure activity during the first quarter emanated from sub-prime mortgages.