ATTOM Data Solutions released its April 2017 U.S. Foreclosure Market data last week, and though the report says foreclosure rates are down nationally, Illinois still had the fifth-highest in the country.
Illinois had a foreclosure filing in one of every 1,083 housing units. Of the 217 metropolitan areas with populations of more than 200,000, Rockford, Illinois, ranked fourth in foreclosure filing rate, with one in every 668 housing units.
Foreclosure filings, which include default notices, scheduled auctions and bank repossessions, have dropped to the lowest level nationally since November 2005.
The report includes 77,0149 properties nationwide in April. The data shows a drop of 7 percent compared to March and 23 percent compared to April 2016.
While the overall number of foreclosure activities have dropped, a significant number are repeat foreclosures, where a property with the same owner may have defaulted several times. New York City shows repeat foreclosures at 54 percent, the highest in the nation.
"Foreclosure activity continued to search for a new post-recession floor in April thanks in large part to the above-par performance of mortgages originated in the past seven years," ATTOM Data Solutions Senior Vice President Daren Blomquist said. "Meanwhile, we are seeing an elevated share of repeat foreclosures on homeowners who often fell into default several years ago but have not been able to avoid foreclosure despite the housing recovery."
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