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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