Delinquencies and foreclosures
Illinois has seen a steady decline in foreclosure activity over the past
five years, according to Attom Data Solutions. The number of filings
(defaults, auctions and bank repossessions) has dropped from 41,467
in first-quarter 2012 to 13,440 in first-quarter 2018, according to the real
estate data company. Filings dipped to 12,977 in third-quarter 2017, the
lowest level since before the recession.
Illinois’ foreclosure-inventory rate was 0.8 percent in November 2017,
down from 1 percent a year earlier, according to the most recent statistics from CoreLogic. Still, the Illinois foreclosure rate as of this past
November was higher than the national average, which was 0.6 percent.
The unemployment rate for Illinois has fallen sharply since the height
of the Great Recession. In January 2010, more than 750,000 people in
the state were out of work, and the unemployment rate hovered at
11. 3 percent, according to the U. S. Department of Labor. Since then, the
unemployment rate has dropped considerably, to 4. 7 percent as of this
The downside is Illinois has consistently trailed the rest of the nation when
it comes to unemployment. Even today, Illinois has an unemployment rate
that is 0.6 percentage points higher than the national rate of 4.1 percent.
Year over year as of this past February, the state’s job-growth rate was
0.8 percent, according to the Chicago Tribune, compared to 1.6 percent for
the nation overall.
Sources: Attom Data Solutions, Chicago Tribune, City of Moline, CoreLogic,
Crain’s Chicago Business, Enjoy Illinois, Illinois 200, Illinois Realtors, The First Three Songs,
Springfield Advantage, U. S. Department of Commerce, U. S. Bureau of Labor Statistics,
U. S. Census Bureau
Jim Davis is editor of Scotsman Guide Residential Edition.
Reach him at (800) 297-6030 or email@example.com.
The city, including the neighboring community of Urbana, has a
population of more than 128,000. It’s the home of University of Illinois
at Urbana-Champaign, one of three campuses for the university.
REO Speedwagon founding band member Neal Doughty studied
engineering at the campus and named the band after a truck he was
studying in class.
Not many communities so small can boast the headquarters of a
corporation with a name and brand known around the world. Moline, with a population of just more than 42,000 in western Illinois,
is the home of Deere & Company, the maker of the famous tractors.
Founder John Deere built his plow factory in the community in 1848.
Steamboats delivered raw materials up the Mississippi River, which also
provided waterwheel power for the plant.
Like many state capitals, the main employer in this city of 115,000 is
state government, with 17,800 employees. Springfield also capitalizes
on one of its most famous citizens, Abraham Lincoln, who started a
law practice and began his political career in the city. Springfield is
home to the Abraham Lincoln Presidential Library and Museum.
3 Cities to Watch
Illinois Foreclosure Filings
Source: Attom Data Solutions
Default Auction REO