DECEMBER 12TH, 2018

Illinois Mortgages

The state of Illinois has a vibrant housing market, which is thriving with the market boom being experienced in urban centers across the country. A well populated state, the total number of housing units reported on the US census in 2002 was 4,981,258. The housing market has been steadily growing since then, although the prices and rates involved in the industry remain close to the national averages. This suggests that while the housing market in Illinois is healthy, it isn’t running away and becoming unaffordable. The median value of a owner occupied housing unit in Illinois was $130,800, which isn’t that far off the national average for that year of $119,600. The home ownership rate for Illinois is also not far from the national average, with 67.3% of the homes in Illinois being owned and 66.2% being the national average. The median household income for Illinois is also very near the average, sitting at $46,590 and the census provided national average for 1999 being $41,994. The fact that Illinois is so close to the national average indicates a healthy market, without the dangers that come with a market with radical differences from the norm.

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A distressed property investment advisory firm in California has been tracking the default rates across the nation, and says that there are some alarming numbers coming from Illinois. The company, ForeclosureS.com reported recently that foreclosure activity was on the rise in several states that are economically dependent upon the manufacturing sector of the United States.

The company noted that while the overall strength of the economy continued to grow steadily, the manufacturing sector is showing continued weakness,. This weakness is demonstrated particularly by the ongoing job losses among the major US automakers and their suppliers. The slowing market in auto manufacturing means that many households were now in financial distress.

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In Illinois, there were a total of 13,273 foreclosure filings in the first quarter of 2006. That number is way up from the 1,873 in the first quarter of 2005. Not only that, but there were 4,012 new filings in April alone. By all indications, it looks like the default rate in Illinois is growing rapidly. What this means for home buyers is that the housing market in Illinois is likely to become heavily favored to buyers rather than sellers.

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