Illinois ranks high among foreclosure report

By WEEK Producer

Illinois ranks high among foreclosure report

July 31, 2012 Updated Jul 31, 2012 at 12:41 PM CDT

SANTA ANA, Calif. -- Illinois continues to rank among the states with the highest foreclosure inventory, according to data from CoreLogic's National Foreclosure Report for June 2012.

Illinois ranks fourth in states with high foreclosure rates, when compared as a percentage of all mortgaged homes.

Coming in first was Florida at 11.5 percent, followed by New Jersey (6.5 percent), and New York (5.1 percent). Nevada came in last at 4.8 percent.

In that same category, the states with the lowest number of foreclosure inventory were Wyoming (0.6 percent), Alaska (0.8 percent), North Dakota (0.8 percent), Nebraska (0.9 percent) and South Dakota (1.2 percent).

Experts say foreclosure is on the decline, however, sparking optimism in the housing market.

"The decline in the flow of completed foreclosures to pre-financial crisis levels is more welcome news, pointing to an emerging housing market recovery," said Anand Nallathambi, president and CEO of CoreLogic. "However, we believe even more can be done to reduce the inventory of foreclosures by decreasing the level of regulatory uncertainty and expanding alternatives to foreclosure."

According to the report, June 2012 completed foreclosures stood at 60,000, compared to June 2011 when there were 80,000 foreclosures.

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