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Foreclosure Listings have Decreased in Southwestern Illinois

Foreclosure listings have decreased in Southwestern Illinois last February according to the findings of Illinois Association of Realtors and other associations of realtors.

In Saint Clair County there were 127 foreclosure postings and 114 in Madison County – modest decreases from the previous month. These two counties have been crossing the 100 mark each month in the previous year of 2009. There has been no noticeable diversion from the trend but the realtors are optimistic that like the national trend the local foreclosure numbers would also decline.

As per the findings of Mortgage Bankers Association, the default rate of home mortgages fell across the nation to 9.47% (adjusted rate) during the last quarter of 2009. It is a decrease of 17% from the default rate of the third quarter in the same year.

Speaking on behalf of MBA Carolyn Kemp said that the decrease in default numbers was happening because of large fall in the number of those defaulting by 30 days. Kemp also argued that the decline in default during the last quarter of 2009 was of importance because generally the last quarter experiences a shooting up because of extra expenses incurred during the holiday season.

This compels the householders to delay making their mortgage payments. She feels that the trend of decline is picking up.

The Mortgage Bankers Association also informed that in Illinois the number of foreclosures dropped to 1.53% of all the house loans during the last quarter of 2009. These numbers refer to those units already in the middle of the foreclosure process.

But the bad news is that the delinquent mortgage numbers have increased – it being 11% of all the house loans during the last quarter of 2009. The number of completed foreclosures also went up by 5% of all the mortgage loans in Illinois.

Mary Schaefer of Illinois Association of Realtors said that the solving of the foreclosure problem is linked with that of unemployment and on the cooperation of banks to go ahead with refinancing and lending. The main culprit is the unemployment scenario.

In the two counties of Saint Clair and Madison the sale of residential houses have been decreasing during the winter season. Only 103 units were sold last January as per the data of Realtor Association of Southwestern Illinois. It was 39% decrease from the December sales figures.

The president of Southwestern association Deb Campbell said that foreclosures listings are slowing down because more borrowers are taking advantage of federal assistance measures.

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