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April Foreclosure Report, Heatmap Show Favorable Trends

RealtyTrac released its April foreclosure report yesterday, signaling a nationwide decline in new foreclosure filings. The number of homes receiving a foreclosure filing was 5% lower than in March and 23% lower than April 2012. A handy interactive map shows the prevailing rates for each state. Tragically, you don't even need to scan the map to learn Illinois' current foreclosure rate — it's highlighted in a sidebar as one of the five worst in the country (one in 501, nearly double the national average). But Illinois' rate is still down 12% monthly and 17% annually. Not unsurprisingly the rate is higher in the Chicago metro region, which posted one in 389 housing units. That's enough to keep The Windy in the top ten metro areas nationwide. Another losing stat for the state is our very high percentage of underwater loans — 34.79% at present, or fourth behind Nevada, Florida, and Michigan. Trending positively or not, there's still a mighty mountain to climb.
·April 2013 U.S. Foreclosure Market Report [RealtyTrac]