A Few Clouds
39°FA Few CloudsFull Forecast
2017 Kane County Chronicle Best of the Fox

Foreclosure Rate Remains High in Illinois

Published: Wednesday, June 18, 2014 12:44 p.m. CDT

By Paul Tooher

Despite signs of improvement in the housing market in recent months, Illinois continues to have one of the highest foreclosure rates in the nation, according to Bankrate.

While foreclosure filings were down 10 percent nationally from January to February according to RealtyTrac, a California-based firm that tracks foreclosures, the rate remained stubbornly high in Illinois, where one out of every 811 houses was in foreclosure in February, compared with the national average of one out of every 1,170 housing units.

According to Zillow, 106 housing units in St. Charles were in foreclosure as of mid-March. Zillow’s Home Value Index for St. Charles stood at $231,600 in March, up 8.8 percent from the previous year.

Zillow predicts that prices will rise 1.6 percent within the next year. The median list price per square foot in St. Charles is $138, which is higher than the Chicago Metro average of $122. The median price of homes currently listed in St. Charles is $270,000 while the median price of homes that sold is $230,525.

Zillow rated the housing market temperature as neutral and said that 19.3 percent of homes in St. Charles had negative equity as of December, compared to the national average of 19.4 percent. Zillow found that 6.1 percent of mortgages were delinquent as of the end of December.

Bankrate reports that Florida had the highest foreclosure rate in the country, with one out of 372 housing units in foreclosure. Other states with the highest foreclosure rates include Maryland, Nevada, New Jersey, Connecticut, Ohio, South Carolina, Georgia and Wisconsin.

According to 24/7 Wall St., major metro areas with the highest percentage of distressed sales at the end of 2013 included Las Vegas, Orlando, Fla., Detroit, Tampa-St. Petersburg, Fla., Miami, Memphis, Tenn., Riverside-San Bernardino, Calif., Cleveland, Chicago and Sacramento, Calif. The website identified distressed sales as those involving property sold “short” — meaning for less than the value of the outstanding mortgage — or those that were a foreclosure-related sale.

Get breaking and town-specific news sent to your phone. Sign up for text alerts from the Kane County Chronicle.