Foreclosed property in chicago3/10/2023 In total, nearly half of Illinoisans have thought about moving out of state with taxes to blame. Even some of the state’s top companies such as Boeing, Caterpillar and Citadel have left Illinois for better business climates. Taxes and employment opportunities are some of the top reasons people flee to other states. While many cannot afford to escape the state’s high taxes and the possibility of foreclosure, those who can are doing so. As many face the decision between housing and other essentials, it is no surprise they can fall into foreclosure. Illinois has the second-highest property taxes in the country, meaning many Illinoisans will struggle to find room in their budgets for housing costs and everyday necessities. People and families often struggle and fight to make what payments they can, but Illinoisans face especially tall hurdles. However, foreclosures are still down 0.57% compared to pre-pandemic levels.įoreclosing on a home does not happen overnight. Between January and June 2022 there were a total of 164,581 foreclosures nationally – at a rate of 0.12% of homes – a 153% increase from last year. Nationally, foreclosures have been decreasing every year since 2010, at least until this year. Springfield was one of the few metro areas in the nation to see foreclosure filings decline. Meanwhile, Illinoisans are twice as likely to be in foreclosure than Michigan (0.13%) homeowners 2.4 times more likely to be in foreclosure than Iowa (0.11%) homeowners 2.9 times more likely to be in foreclosure than Missouri (0.09%) homeowners 3.7 times more likely to be in foreclosure than Wisconsin (0.07%) homeowners and 6.5 times more likely to be in foreclosure than Kentucky (0.04%) homeowners.Īt the metro level, Chicago and Rockford tied for fourth place nationally with a foreclosure rate of 0.3% each. Illinoisans are 63% more likely to be in in foreclosure than homeowners in Indiana – the neighbor with the next-highest foreclosure rate. During the first six months of 2022, Illinoisans were more likely to fall into foreclosure than in any other state, according to data recently released from ATTOM – a real estate data aggregator.įoreclosure rates in neighboring states are all significantly lower than in Illinois. Illinois’ tough fiscal climate compounds national economic pressures, causing more homeowners to fall behind on their mortgage payments. Record-high inflation, rising interest and mortgage rates and second-highest in the nation property taxes make everyday expenses more difficult to manage for Illinoisans. Instances of foreclosures in Illinois have nearly tripled from last year and are up 12% from two years ago. One in every 385 housing units – or about 0.26% of homes – either received a default notice, had an auction scheduled or was repossessed by the bank. Illinois experienced over 14,000 foreclosures in the first six months of 2022, the highest rate in the nation. The looming $2,100 property tax hike from Amendment 1 would make housing even more unaffordable. ![]() Illinois homeowners are most likely in the nation to be in foreclosure. Illinois leads the nation in foreclosures in 2022
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