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Michael Hobbs' Blog

By Michael Hobbs | Appraiser in Chicago, IL

Would You Wait Two Years For Your Foreclosure?

What can you accomplish in two years?  In Illinois, lenders can barely achieve a foreclosure.  It now takes, on average, 628 days to repossess a foreclosed homes in Illinois in the first quarter of 2012. 

This is an increase of 27.1% from 494 days a year earlier, according to Irvine, Calif.-based RealtyTrac Inc.,

Illinois is now ranked 4th behind New York, New Jersey and Florida for having the longest time period to repossess a home through foreclosure.  Nationally, RealtyTrac noted that the average time between default notice and repossession rose to slightly over one year, 370 days to be exact, in the first quarter of 2012, up 24.2 percent from 298 days from a year earlier.

 Illinois Foreclosure

Graphic from Crains Chicago Business, Data Source: Realtytrac

So, there you have it.  As parts of the country squirm out of the recession, Illinois is still mired in defaults.

Michael Hobbs, PahRoo Appraisal & Consultancy

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