In 2018, foreclosure activity in the United States dropped to a low that has not been seen in 13 years. At its peak in 2010, foreclosures across the country reached a high of 2.9 million. While the recent decline is impressive, there are still states throughout the nation that are struggling with high foreclosure rates. Since the 2008 recession the economy has slowly recovered and that means that the real estate market has improved tremendously. With that improvement, people tend to ignore the fact that foreclosure rates are still sizeable in some areas.
Recent trends have pointed to the fact that coastal states have seen the largest numbers of foreclosures rates. The following are the states with the highest foreclosure rates in the country:
- New Jersey
- South Carolina
- New Mexico
In Illinois, the home foreclosure rate is 0.86%, making it one of the highest rates in the country. Many of those who have left the state cite high taxes as one of the leading reasons behind their departure. With more and more people leaving the state, dealing with home foreclosure residents has become increasingly more difficult. However, the trends are moving in the right direction and hopefully Illinois will continue to see a drop in foreclosure rates.
At the Law Office of Brenda Murzyn, P.C., our firm can explain your options and represent you in legal proceedings if you are facing foreclosure or want to prevent foreclosure. We can help with procedural review, foreclosure appeals, private investor solutions, real estate sales and closing assistance, post-sale representation, and buy-back negotiations. Contact our Naperville office today to learn more!