There are a staggering number of Illinois foreclosure homes for sale. This has harmed the real estate market. Most of the Illinois homes for sale are from the foreclosure category. With more foreclosed properties rushing in, the prices of Illinois homes for sale are further falling. To understand the logistics of Illinois homes for sale a little bit of digging is necessary about Illinois, the process of foreclosure and the national background against which Illinois homes for sale are grabbing headlines.
Illinois State of USA is located in the rich midwestern region of the country. It is a prosperous state with a diverse population and a thriving economy based on industry as well as agriculture. The name Illinois is a French rendering of the Native American world meaning “we speak normally”. Some say it refers to a tribe named Illiniwek.
Illinois is bordered by Lake Michigan, Wabash River, Wisconsin and River Mississippi, River Ohio. It is entirely inside the Interior Plains but is segmented into three geographical divisions – northern Illinois dominated by Chicago and its suburbs. Central Illinois is flat prairie land with small towns and middle-sized cities. Agriculture dominates this area. Southern Illinois is more rugged with a warmer climate and a different set of crops and mining activity.
The foreclosure crisis set in with the introduction of sub-prime mortgage predatory lending following deregulation. Money began to flow into the housing sector that led to a bubble right across the country with localized concentrations. When the bubble burst a foreclosure crisis set in with millions defaulting on questionable loans. The number was so alarming that a chain reaction set in leading to an economic slump and recession. It is having a global impact. The government at all levels together with communities is trying to staunch the bleeding but till now foreclosures are having the last say. Against this background Illinois has not remained immune and is suffering from the national malaise of a flood of foreclosures.
The foreclosure game is not just between the lenders and borrowers but hapless renters who had no hand in it have been affected. In October 2008 an angry sheriff in Illinois came down strongly on the banks for evicting ‘innocent’ tenants. He refused to comply with the task and pulled up the mortgage companies. He added that the law should give protection to the hapless victims.
Sheriff Thomas J. Dart speaking to CNN (American Morning) said that he had suspended foreclosure operations in Cook County (includes Chicago City). The county has a record number of eviction cases emanating from foreclosures. Because of this many genuine tenants are suffering. Their landlords have fallen behind in their mortgage payments. Dart said, “ These poor people are seeing everything they own put out on the street …They’ve paid their bills, paid them on time. Here we are with a battering ram at the front door going to throw them out. It’s gotten insane.”