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Expert: No Housing Stability Yet
(IRN) -- As foreclosures continue their brisk pace in Illinois, an expert in the housing field is imagining an eventual return to stability.

Foreclosure filings in Illinois rose 7 percent over the last month, to 16,969 in October, in contravention of the nation’s 4 percent decrease over the same period.

Sharon Legenza, director of Housing Action Illinois, expects stability to return no earlier than 2012, and she'd like to see an end to the boom-and-bust cycles. "I would like to think that we learn from our mistakes," she says. "I think that we've learned that you can't necessarily build an entire economy around the housing market, and that home ownership indeed is not the appropriate option for everybody at every stage of their lives."

Legenza says some people should rent and there should be no stigma attached to that. She expects lenders to loosen up and start writing mortgages again, but with more careful scrutiny of applicants' income and job history, and a larger down payment requirement.

(Illinois Radio Network)
11 15 10 by Newsroom
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