Friday
August 1, 2014

New State Leader Battles Highest Foreclosure Rate

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New State Leader Battles Highest Foreclosure Rate

Illinois has become the state with the highest foreclosure rate in the country — the first time it's held that non-sought-after spot since January 2005, according to RealtyTrac in its latest foreclosure market report. 

Illinois saw a 29 percent jump in foreclosure activity in August compared to July. What’s more, foreclosure activity in the state is 42 percent higher than August of last year. 

While foreclosure activity is rising in Illinois and a few other states, overall activity has sunk lower year-over-year. Foreclosure filings nationwide were down 15 percent in August compared to year ago levels. Still, filings — which include default notices, scheduled auctions, and bank repossessions — did tick up 1 percent in August from July. 

“Bucking the national trend, deferred foreclosure activity boiled over in several states in August,” says Daren Blomquist, vice president of RealtyTrac. “In judicial states such as Florida, Illinois, New Jersey, and New York, this was a continuation of a trend we’ve been seeing for  several months now. The increases in Florida and Illinois pushed foreclosure rates in those states to the two highest in the country — supplanting the non-judicial states of Arizona, California, Georgia, and Nevada. Previous to August, the nation’s top two state foreclosure rates have been from those four non-judicial  states every month since December 2010.”

10 States With Highest Foreclosure Rates 

According to RealtyTrac’s August report, the following 10 states hold the highest foreclosure rates in the country: 

  1. Illinois: 1 in every 298 housing units received a foreclosure filing in August
  2. Florida: 1 in every 328 housing units
  3. California: 1 in every 340 housing units (However, California has seen a 32 percent decrease in year-over-year foreclosure activity.)
  4. Arizona: 1 in every 360  housing units 
  5. Nevada: 1 in 402 housing units
  6. Georgia: 1 in 431 housing units
  7. Ohio: 1 in 556 housing units
  8. Michigan: 1 in 593 housing units
  9. Delaware: 1 in every 610 housing units
  10. Colorado: 1 in every 617 housing units

Source: RealtyTrac