RealtyTrac: Illinois turning a corner on foreclosures

The foreclosure process can take longer in Illinois where cases must go through a judicial review, but RealtyTrac vice president Daren Blomquist told the State Journal-Register that the state appears to have turned a corner and foreclosure rates, while still among the highest, are coming down. “We’re not seeing as many new homes come into the pipeline,” he said.

Illinois Association of REALTORS® President Phil Chiles said foreclosures continue to impact the overall market and while severe cold weather slowed sales in January, he told the newspaper that he expects a return to a more normal mix of foreclosures this year. Read the full article.

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

 

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About Stephanie Sievers

Stephanie Sievers is Senior Editor for the Illinois Association of REALTORS®. She serves as Senior Editor for IAR publications including the Illinois REALTOR® magazine and all other IAR publications. She is responsible for developing content for the Illinois REALTOR® Weekly Connection e-newsletter, coordinates the IAR Twitter account content at ILREALTOR and plans and develops content for videos. She assists in developing and writing content for the IAR blog. She also is involved in researching and drafting news releases and coordinates the news media distribution database and newsclips reports for the Association. She also assists in IAR spokesperson training seminars and is involved in development of association briefing materials on issues. She assists with the housing statistics program and reports.