Foreclosures are still on the Rise in Illinois

Foreclosures in Illinois increased 22% in February, 2010. The high foreclosure rate can be attributed to the high unemployment rate and declining home prices. With the declining market many people are finding themselves underwater in their homes. Meaning . . . they owe more on their home than their home is worth. Illinois unemployment report is 11.3% for the month of January, up from 11% from December 2009. With such a high foreclosure rate it is no surprise that foreclosures are on the rise as well. In order for properties is see appreciation in the market place, foreclosures and short sales need to be absorbed into the market first. Only then will the state and the country see appreciation in the real estate market.

Lucky for those that live in Illinois, the state had the lovely distinction of having 17,312 properties in foreclosure, which is the fourth-highest state nationwide. California ranked number one