Due to the recent economic downturn there have been many foreclosures in Illinois and many repossessed homes nationwide. In 2011, Illinois’s unemployment rate was 9.8%. Homeowners have either lost their jobs or hours have been reduced. As many individuals are losing their homes, there has been an increase of cheap homes, including foreclosures and short sale homes in Illinois.
Illinois is known as the fifth most populated state in the U.S. 65% of Illinois’s population resides in the city of Chicago. Other populated cities in Illinois include Aurora, Rockford, Waukegan and Elgin. Currently, when this article was written, there was over 100,000 Illinois foreclosure listings. Cook County holds the most foreclosures, which has a total of 33,768 homes. While Cook County holds the most of these listings, there are still other areas of the state experiencing a high foreclosure rate too. Those counties include Lake County (4,460), Dupage (3,994) and Kane County (3,682).
Some parts of Illinois only have just one foreclosure. These counties have smaller populations or less people who aren’t experiencing economic hardships. There may be fewer hardships because there is more access to community resources for assistance or a lower rate of job turnovers. Counties that have fewer than 10 foreclosures include Flagler, Dewitt, Jersey, Hamilton, Hancock, Henderson, Johnson, Marion, Marshall, Pulaski, Wabash and Wayne.
As other parts of Illinois experience a decline in their economy, more homeowners will find themselves experiencing foreclosure. Once the economy improves, there will be fewer foreclosures in Illinois and people won’t be as hesitant when it comes to purchasing a home.