Illinois Makes Top 10 for 2010 Foreclosures

foreclosures in IllinoisHere’s hoping that the worst is behind us. Last year, the nation saw a 2 percent increase in foreclosures over 2009. That’s 23 percent more than in 2008. That’s one of every 45 homes in the U.S. in one year alone.
And Illinois? We were ninth on the Top 10 list.
The numbers were reported by Chicago resident and real estate expert Ilyce Glink in a recent post on the
Equifax Personal Finance Blog. Her article, “
Spring 2011 Housing Market Prediction,” paints a vivid picture of where the housing market has been recently.
Fortunately, our state did not make the list of states with the biggest drop in home values. Leading that list was Idaho, where home values dropped 13.56 percent from November 2009 to November 2010. Seven states actually saw housing prices rise during that time. The national average, however, was a 5 percent reduction.
And where does Glink think the market it headed? You can guess that her predictions for the Spring 2011 market aren’t very rosy. She does note, however, that mortgage interest rates are still low and that some lenders seem to be loosening credit-worthiness standards for certain types of loans.
To see Glink’s complete analysis with predictions for 2011, visit the Real Estate section at the
Equifax Personal Finance Blog, and let her know what your predictions are.