Foreclosure activity in Illinois posted the 11th straight year-over-year increase in November, but compared with a month earlier, filings are trending in the right direction, according to new data released Thursday.
RealtyTrac said the 13,520 properties within the state that received a foreclosure notice last month was a decrease of 9 percent from October but up 9 percent from November 2011. last month's activity, which equated to one out of every 392 homes in the state receiving a notice, gave Illinois the nation's third-highest state foreclosure rate, surpassed by only Florida and Nevada.
In the Chicago-area counties of Cook, DuPage, Kane, Kendall, Lake and Will, almost 11,000 homes received a foreclosure notice in November, a decrease of 10.5 percent from October's level of activity but up 1.6 percent from November 2011
Most of that activity was in Cook County, where about 2,299 homes received initial notices of default, another 2,651 homes were scheduled for court-ordered sales and 2,086 homes were repossessed by lenders.
Among the nation's metropolitan areas, Rockford and Chicago ranked 11th and 13th, respectively, in terms of their foreclosure rates.
Nationally, the number of homes that were repossessed by lenders and became bank-owned rose on a year-over-year basis for the first time since October 2010, the company said. In November, more than 59,000 homes across the country were repossessed, an increase of 11 percent from October and 5 percent from November 2011.
"The drop in overall foreclosure activity in November was caused largely by a 71-month low in foreclosure starts for the month, more evidence that we are past the worst of the foreclosure problem brought about by the housing bubble bursting six years ago," said Daren Blomquist, a company vice president. "But foreclosures are continuing to hobble the U.S. housing market as lenders finally seize properties that started the process a year or two ago, and much longer in some cases."
mepodmolik@tribune.com | Twitter @mepodmolik
Illinois foreclosures up for 11th month
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Illinois foreclosures up for 11th month
