Earlier in December the Associated Press reported good news: “The number of U.S. homes entering the path to foreclosure or winding up repossessed by lenders has fallen to levels not seen in more than six years.”
As we head into the New Year it looks as though the rates of home foreclosure don’t seem to be as bad as they were in the post-2008 recession years. There was, for example, a reported 10 percent drop in the number of foreclosure actions started against homeowners in November as compared to October.
Perhaps it’s early to say that’s a trend, but the AP story isn’t afraid to say so: “[T]he trend is the latest sign foreclosures are becoming less of a national factor on the housing recovery and more of a state and metropolitan-area concern.”
And regarding states, the AP reports that Illinois is among the top 10 hardest hit states with the rate of home foreclosure, meaning that for Illinois home foreclosure continues to be a concern, regardless of any trend pointing toward a housing recovery.
Mary Ellen Podmolik’s report for the Chicago Tribune shows this to be true. Podmolik wrote this month that Illinois home foreclosures had risen for the 11th straight month, with Chicago ranking 13th on a list of the hardest hit metropolitan areas in the country.
Originally posted here:
Signs Of A True Housing Recovery?