Illinois had the dubious distinction of being 3rd in the nation in October for the number of foreclosure filings with 19,946, the highest monthly total since January 2005. It beat out states such as Michigan, which ranked 7th.
One in every 263 homes in Illinois received a filing.
In Cook County, the closest set of data we have for the city of Chicago, foreclosures filings spiked 67% from a year ago to 11,494. It was also 131% higher than September.
There are government forces at work which led to the sudden spike.
From the Associated Press:
The rise in Illinois in October compared with September can largely be attributed to foreclosure activity catching up in the wake of a state law signed in April giving delinquent homeowners more time to work out deals with lenders, says Rick Sharga, senior vice-president at RealtyTrac.
The law created artificially low numbers for a several months earlier this year in Illinois, Sharga says. The numbers have increased as lenders have learned how to work through the process in the wake of the law.
Illinois third highest state with foreclosures [Sun-Times, Francine Knowles, Nov 12, 2009]
Local foreclosure activity jumps after artificially low period [Associated Press, Nov 12, 2009]
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