Shelter from the Storm
The numbers are grim, even if they seem familiar by now. In 2007, lenders filed foreclosure notices on 90,782 homes in Illinois, up 25.3% from a year earlier. That tally puts the state among the top 10 nationally in foreclosures, says RealtyTrac, an online real-estate database. The figures are likely to go even higher in 2008. Subprime mortgages with adjustable rates—given to home buyers with less than pristine credit—will become more costly in 2008 as teaser rates expire. The Center for Responsible Lending predicts that in the next two to three years, 25,000 people in the Cook County area will lose their homes.
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