There were 46 percent fewer foreclosure filings in July than there were last year, a report from Irvine, Calif.-based RealtyTrac showed. Released on August 11, 2011, the report showed Illinois with 10,627 foreclosure actions-including default notices, auctions and bank repossessions-last month, according to the Associated Press.
The Daily Herald also reported suburban counties with large drops included DuPage County with 64 percent, Kane County with 57 percent, Will County with 50 percent, McHenry with 44 percent and Lake County with 40 percent. However, Illinois ranked No. 9 nationwide in foreclosures. RealtyTrac also reported 212,764 nationwide, or a 35 percent drop.
However, the report also showed that for the second straight month the bank-owned, or repossession, of homes increased about 20 percent in Illinois.
Experts told the Daily Herald that the foreclosure process has slowed due to the robo-signing controversy started in October 2010 when some major lenders were accused of trying to process foreclosures quickly by signing documents without thoroughly reading them. The matter is still under investigation by the state attorneys general.
Benjamin Brand Services – Chicago bankruptcy lawyers