Illinois Third Worst State For Foreclosures

By Chris Bentley in News on May 16, 2012 6:20PM

New data released Wednesday shows while the national foreclosure rate is the lowest its been since 2008, Illinois ranks third from the bottom with almost 7.5 percent of all mortgage loans in delinquency.

According to the Mortgage Bankers Association’s first-quarter report, 4.39 percent of mortgage loans across the country were in foreclosure. Delinquencies typically fall during the first quarter of the year, however, and the seasonally adjusted value of loans at least one payment past due was 11.3 percent. But experts say the overall improvement is due in part to modest job growth.

Of course that’s little consolation to those facing foreclosure — especially in Illinois, whose foreclosure activity is only topped by Florida and New Jersey. New delinquencies may be down nationally, but the local picture still looks grim.