Illinois foreclosures lessen; others soar

The rate of foreclosures in Illinois appears to be stabilizing while nationwide numbers continue to escalate, according to a RealtyTrac report expected to be released today.

RealtyTrac, an Irvine, Calif.-based online data firm, will release its report for the month of April that shows foreclosure filings -- default notices, auction sale notices and bank repossessions -- involved 243,353 properties nationwide, a 4 percent increase from the previous month. That's nearly a 65 percent increase from April 2007.

The firm also said that one in every 519 U.S. households received a foreclosure filing during the month.

In January, Illinois was in the top 10. By April, it ranked 13th nationwide.

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"Illinois was ahead of the curve on experiencing real estate troubles," said RealtyTrac spokesman Daren Blomquist. "But we believe that some recent Illinois laws that were enacted have had an impact on addressing the mortgage industry crisis."

In the last year to 18 months, stricter laws have made it harder to get a mortgage and underwriting has changed, according to the Illinois Association of Mortgage Professionals in Lombard.

RealtyTrac's report shows that Illinois had a total of 8,383 foreclosure notices filed in April, which is down about 3 percent from the month before. It's also 1 percent higher than in April 2007. That means that one in every 620 households received a foreclosure filing in April.

Nevada continued to have the nation's highest state foreclosure rate. One in every 146 Nevada households received a foreclosure filing in April, 3.6 times the national average, RealtyTrac said.