Illinois Repo Properties Surge in June

The number of repo properties in Illinois surged to another record level in June as the area’s unemployment rate reached its peak in May after two decades. After witnessing a drop in the number of foreclosed homes in May, foreclosure rates swung back up last month.

In June, 77 repo properties were reported in Madison County, compared with 41 in May. Meanwhile, Saint Clair County posted 94 foreclosures filings, a whopping increase from the 26 reported in May. In Monroe County, 8 foreclosures were recorded, a slight increase from the five foreclosures reported in May.

In the first quarter of this year, both Madison and Saint Clair counties posted a large increase in the number of foreclosure properties. For March, Madison County’s foreclosure rates reached 145 while Saint Clair went higher with 163. For April, the number of repo properties in both counties dropped with 51 in Madison and 39 in Saint Clair.

Real estate experts said that the drastic increase in repo properties in Southern Nevada is a reflection of the current condition of the local housing market. Some experts expressed their disappointment over the June figures, adding that the rise in numbers is disturbing but not surprising given the drastic increase also in the unemployment rate.

According to the latest data, the region’s unemployment rate reached its peak level in May, the highest in almost two decades. Data from the Illinois Department of Employment Security showed that unemployment rate in the metro-east region consisting of eight counties peaked by 8.2 percent.

The figures represented a 22-year high for May since 1987 when unemployment rate was recorded to be almost 9.1 percent. Last May’s numbers were still higher from the April unemployment rate of 7.7 percent and 6.2 percent in May the previous year.

In Saint Clair County, unemployment rate inched up by 8.5 percent in May 2009 from 6.9 percent in May 2008. Meanwhile, jobless rate in Madison County reached 8.5 percent from 5.9 percent.

Statewide, foreclosure filings in the first quarter reached 41,296, representing a 19 percent rise from the fourth quarter of 2008 and 111 percent higher than the first quarter of 2008. One out of every 27 houses is repo properties during the first quarter of this year.

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