August continued the downward trend for foreclosures in Illinois, as activity fell 6 percent compared to July and 60 percent compared to August 2012.
“It shows that the housing market is continuing to recover, but the overall foreclosure volume is still significantly higher than prior to the beginning of the foreclosure crisis,” said Bob Palmer of Illinois Housing Action.
Illinois had the eighth-highest rate of foreclosures in August, with one filing per every 725 housing units. Palmer says the overall decline, however, is an encouraging sign to buyers and sellers.
“It just helps restore emotional confidence in the housing market,” Palmer said.
Illinois is ahead of the national average. The foreclosure rate dipped by 2 percent from July to August nationally, and was 34 percent lower than last year.