Residential foreclosure filings in Illinois took a big jump in 2012. The final numbers for last year are in – a 32.6 percent increase in foreclosure filings in Illinois compared to 2011. However, the figure is 10 percent lower than in 2010, according to Realty Trac, which tabulated a 2012 total of 136,603 default notices, auction-sale notices and bank repossessions.
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Robert Palmer, policy director for Housing Action Illinois, says despite the spike in foreclosures, he sees light at the end of the tunnel. “The worst of the foreclosure crisis is over. There’s still a lot of people struggling, though, with paying their mortgage because of their economic situation,” he said.
The Illinois foreclosure filings represent one of every 39 housing units, which is the fifth-highest rate in the nation. Florida had the highest. Nationally, foreclosures last year were down 3 percent from 2011 and 36 percent lower than in 2010.