By Ashley Gross
June 10, 2010
The latest foreclosure numbers from the research group RealtyTrac show some improvement for Illinois.
Foreclosure filings dropped 20 percent in May compared with April. They were up from May 2009, but that’s probably because the state last year made banks temporarily hold off on foreclosures. Geoff Smith of the housing research group Woodstock Institute says the numbers show we’re starting to see some leveling off.
SMITH: It’s better news than if foreclosures had gone up by more, continued to really skyrocket, but I think we’re still somewhere in the middle of the whole crisis.
That’s because many people owe more than their homes are worth as housing prices have dropped. Smith says they may choose to default, especially if they have to move and can’t sell their home for what they owe.