Home Foreclosures Dropping In Illinois
CHICAGO (CBS) -- The latest housing figures appear encouraging.
As WBBM Newsradio 780's Regine Schlesinger reports, home foreclosures plummeted last month nationwide and in Illinois.
Foreclosure activity dropped by more than 27 percent in February compared with January, according to a report released Thursday by Irvine, Calif.-based RealtyTrac. The report shows Illinois with 9,592 foreclosure filings last month.
Filings are defined as default notices, auction-sale notices and bank repossessions.
In total, the filings represent one in every 552 housing units in the state, a rate almost 45 percent lower than in February of last year, but still 11th highest nationally.
And not all the news is good. The highest rates of foreclosure remain in the northeast corner of the state, where the majority of the population lives.
In Cook County, a foreclosure filing is associated with one in every 470 housing units; in Lake County, one in every 308; in McHenry County one in every 294; in Will County, one in every 279; and in Kendall County, one in every 174.
Nationwide, Nevada still has the highest foreclosure rate, at one in every 119 housing units.
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