Disturbing Trends Of Illinois Foreclosures

Heightened house foreclosure activity in Illinois has been disturbing the residents of the state. From Chicago to Cook County to Kane County, the number of foreclosed homes has been increasing at a faster rate than expected. So much so that Chicago's foreclosure rate has achieved one of the top five ranks on America's largest metropolitan regions list.

The city of Chicago, alone reported more than 6,200 foreclosed homes revealing one new foreclosure filing for every 466 homes, which is over double the country's average. For the first quarter of this year, the state of Illinois has recorded 22,121 properties in various stages of foreclosure, including HUD homes. This count puts Illinois State at the 12th place on the foreclosures by state list for highest rate of foreclosure. Of course, the main culprits for this disturbing rise in foreclosure not just in Illinois but across the nation are the predatory lending practices that preyed on unsuspecting borrowers who had imperfect credit scores. These malpractices lead to thousands of Illinois foreclosures as well as people without a proper roof over their heads.

As these unsuspecting borrowers with imperfect credit scores lined up to get home loans, they didn't realize in their excitement that the loans being given to them were on a higher than average interest rate. Moreover, with no down payment schemes and interest-only payments and ARMs, these people found it too hard to resist such an excellent opportunity. However, increase in interest rate and cost of living – besides unemployment and other expenses – may raise the number of foreclosed homes in the whole country.