Illinois Foreclosures Surging Lure Investors: Mortgages
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Illinois soared to the highest foreclosure rate in the U.S. last month as job losses mounted, luring investors like Waypoint Real Estate Group LLC that scoured the state for homes priced at half of peak values.
A total of 17,781 Illinois properties received a filing of default, auction or repossession in August, up 42 percent from a year earlier and the eighth straight monthly increase on an annual basis, according to data seller RealtyTrac Inc. The rate of foreclosure filings per household in the state was one in every 298, vaulting Illinois to the nation’s top spot for the first time in company records dating to January 2005.