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Drop in Foreclosure Filings Doesn't Necessarily Mean Recovery
Illinois is seeing fewer foreclosures -- at least for one month -- and an expert suggests that doesn't mean the housing crisis is coming to an end.

Foreclosures are down according to the November report recently released by California-based RealtyTrac, with only 13,000 recorded then.

But, Bob Palmer is the policy director of Housing Action Illinois, and suggests the downward movement is only temporarily, since banks slowed down foreclosure filings over allegedly suspect paperwork.

"It's hard to know how long the banks will take to get all their paperwork in order," Palmer said. "You could see a huge jump in December, January. So, it's hard to tell just from one month's data, but I wouldn't read too much into this."

The foreclosure rate was down 24% in Illinois last month compared to October, and they were down 21% from the same period a year ago.

The rate, however, remains the ninth-highest in the nation, and is still believed to be higher than 2007.
12 25 10 by Newsroom
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