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… but still in the national top 10, meaning that 1 in 550 housing units in Illinois is now in foreclosure. That in turn translates to roughly 1 out of every 10 residential homes.

But the real scourge of the real estate market is that is has hollowed out entire blocks and permanently affected the ability of homeowners to move, sell, divorce, or refinance. Most are stuck, and many are stuck paying for more house than they actually have.

2 Responses
  1. George E. Bourguignon, Jr.

    Foreclosure defense has not been effective on a large scale. Also, as this post aptly points out, foreclosure has more of an effect than just the house. And the economic downturn has another effect on housing, the people that are “stuck” in their homes.

  2. Bankruptcy Top Stories Tomorrow » Blog Archive » Illinois foreclosures down ... -' The I

    […] John T. Turco & Associates posted about this interesting story. Here is a small section of the postForeclosure defense has not been effective on a large scale. Also, as this post aptly points out, foreclosure has more of an effect than just the house. And the economic downturn has another effect on housing, the people that are … […]

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