Illinois Foreclosures Still High in Chicago and Beyond
January 16th, 2008 by 
Joseph Smith
The state of Illinois continues to experience the weight of the foreclosure boom, as new statistics show that the number of Illinois foreclosures increased 36% in 2007 over the 2006 total. Illinois foreclosure homes totals have not reached record highs like other parts of the country, but the market for homes there has still been severely affected. Median home values continue to fall due to a flooded market. In addition, more foreclosed properties are predicted to come about due to adjustable rate mortgages set to reset during the 2008 year.
Interestingly however, Illinois followed the same trend as other states during the month of November, during which the amount of foreclosure houses fell 15% from the October total. What’s more, foreclosed homes totals were down in the metro Chicago area nearly 22%. While some may see this as a sign of a slowing market, it doesn’t mean Chicago foreclosures or Rockford foreclosure homes or Peoria foreclosures will be in short supply. The total for Illinois foreclosed properties was still 36% higher than November of 2006, showing the gradual increase in the foreclosure inventory that has been building up in the region for sometime.
In terms of investment opportunities, Illinois house foreclosures can be a great option. Besides the world class city of Chicago, great opportunities for discounted purchase on foreclosure real estate can be found in the smaller cities, where property values may be low now, but will become quite valuable once the market turns. Investing in Springfield foreclosure homes or Aurora foreclosures could be a great chance to get in now for a low price, and provide the opportunity for big profits in the future. Illinois still fares better in the foreclosure scene than the majority of the country as well, making a quicker rebound from this situation all the more probable.
