Foreclosure activity falls in Illinois as 'massive delays' hit process in U.S.
(Crain's) — The number of Illinois properties facing foreclosure plummeted again in April compared with the same month last year, mirroring a nationwide drop caused not by a recovery but again by "massive delays in processing foreclosures," according to a report.
Illinois' foreclosure-related filings fell 46.7% in April, to 10,055, compared with April 2010, according to a report released Thursday by RealtyTrac Inc., an online distressed-property listing firm. Filings in the state fell 16.6% in April compared with March, the report said.
One of every 526 Illinois properties got a foreclosure-related filing in April, the 12th-highest rate nationwide.
Nationally, there were 219,258 foreclosure filings in April, down 34.3% from a year earlier and 8.6% from March, according to Irvine, Calif.-based RealtyTrac. That translates to one in every 593 U.S. households.
U.S. foreclosure activity hit a 40-month low in April, but “This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure," RealtyTrac CEO James J. Saccacio said in the report.
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