Thursday, November 13, 2008

Illinois foreclosure activity jumps in October

In Illinois, 12,681 homes got a foreclosure-related notice last month, up 24.3 percent from September and up 31.1 percent from October 2007, according to RealtyTrac.

More than 84,000 properties were repossessed in the U.S. in October, RealtyTrac said.

A nasty brew of strict lending standards, falling home values and a tough economy is filtering through the housing market. By the end of the year, the company expects more than a million bank-owned properties to have piled up on the market, representing around a third of all properties for sale in the U.S.

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