If you have an up-to-date home mortgage in Illinois, you are slowly becoming the exception and not the rule. Alarming new data shows foreclosure rates in Illinois are skyrocketing with no signs of slowing anytime soon.
There’s a new study that’s just been shared by 24/7 Wall St that shows the states where home foreclosure rates are the highest. Spoiler Alert – the results are not good for Illinois. Here is the data about home ownership and foreclosure in Illinois using the most recent numbers:
- Foreclosure rate: 1 foreclosure in every 3,753 housing units
- Median value of housing units with mortgage: $283,200
- Median household income of housing units with mortgage: $113,954
- Median monthly housing costs for housing units with mortgage: $1,905
- Median annual real estate taxes paid on housing units with mortgage: $5,622
Those numbers place Illinois as the 9th highest foreclosure rate in America.
By comparison, Missouri has a foreclosure rate that is less than half of Illinois with only 1 in every 7,112 homes facing foreclosure.
What is the foreclosure trend in Illinois?
An attorney’s website showed that instead of slowing, Illinois’ foreclosure rate was increasing with the highest rate in America for the 3rd quarter of 2024…