While the nationwide foreclosure rates are down for the third quarter of 2024, they are up in Illinois. In fact, Illinois had the highest foreclosure rates for the third quarter of 2024, with one in every 904 homes having a foreclosure filing. Florida, Delaware, Nevada, and Indiana were the other four states among the top five states with the highest foreclosure rates.
Despite these high numbers, Illinois foreclosure rates are significantly lower than they were in 2022, when about one in every 385 housing units received a default notice, had an auction scheduled, or was repossessed by the lender. In 2022, these record-high foreclosure rates were attributed to inflation, rising interest and mortgage rates, and the second-highest property taxes in the nation.