New Study On Illinois Foreclosure reveals…

The Woodstock Intstitute releases new study on Foreclosures in Illinios and the results do not look favorable.

According to this new study, there were 9,302 completed foreclosure auctions in the first quarter in the region. This number was the largest number recorded in a quarter since 2006.

This number represents a 56% jump when compared to the first quarter in 2009.  Within a six county region, Kane County saw the largest  increase with a  122% year over year completed foreclosure auctions.

According to the Woodstock Institute the reason for the increase in Foreclosure auctions maybe the result of the statewide moratorium on foreclosures in support of the Home Affordable Modification Program (HAMP). In January the moratorium was lifted.

It  also appears from early data on HAMP that 50% of all loan modifications fail. As they fail lenders have no other recourse but to begin the foreclosure process.

Geoff Smith of the Woodstock Institute asks ” Did the moratorium help borrowers in the end?” “Are these foreclosure provention programs working” ” If HAMP was working you’d have less completed foreclosures.”

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