Illinois Ranks third highest after Florida and Maryland


  • By Tim Landis Business Editor Posted Feb. 17, 2014 @ 10:26 pm Updated at 10:29 PM
  • Local foreclosure rates are well below state levels even as distressed properties continue to flow into the market.

    One of 2,572 housing units was at some stage of foreclosure in January in Sangamon County, according to monthly figures just released by RealtyTrac, a California-based housing data company.

    By comparison, 1 in 603 was in foreclosure statewide. The Illinois rate was third highest in the country after Florida and Maryland. Nevada and Utah were four and five.

    “They’re still having an impact on the overall market,” said Phil Chiles, president of the Illinois Association of Realtors.

    Chiles is with The Real Estate Group in Springfield.

    Foreclosed homes accounted for more than 16 percent of 3,731 homes sold in the Springfield market in 2013, the highest percentage since the local association began tracking the sales in 2010.

    In January, foreclosure sales accounted for 27.6 percent of 188 homes sold.

    Chiles said severe cold slowed sales in January, and that he expects a return to a more normal mix of foreclosures this year.

    “By this time next year, I think we’ll be back to what we would consider a more normal market,” said Chiles.

    It took longer to sell foreclosed homes in Illinois last year, according to RealtyTrac. The average 215 days from bank possession to sale compared with 165 days in 2012.

    RealtyTrac vice president Daren Blomquist said the added days could be a sign foreclosures finally are working through the market.

    “The last properties in foreclosure tend to be the least desirable and take longer to get sold,” said Blomquist.

    Blomquist said Illinois foreclosure rates have remained high because of the time it takes for cases to work through the judicial system compared with states that do not require judicial reviews. He said homes that entered foreclosure in 2012 still are coming to market.

    “Illinois has turned a corner and the rates are coming back down,” said Blomquist. “We’re not seeing as many new homes come into the pipeline.”

    Foreclosure sales

    Annual foreclosures in the Springfield market 2010-2013 and percentage of all sales.

    * 2013: 601; 16.1.

    * 2012: 447; 12.7.

    * 2011: 337; 10.5.

    * 2010: 266; 7.7.

    Source: Capital Area Association of Realtors (includes Sangmaon, Christian, Menard and Morgan counties; portion of Macoupin County.

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