Illinois 3rd in Foreclosures Nationally

May 16, 2012 § Leave a comment

This is embarrassing:

Foreclosures starts in Illinois are on par with those in other areas but the state’s court-supervised foreclosure system continues to bog down properties in the process.

Almost 7.5 percent of all one-to-four-unit mortgage loans in Illinois were in foreclosure in the first quarter, compared with a national average of 4.39 percent, according to data released Wednesday by the Mortgage Bankers Association.

“Illinois and New Jersey trail only Florida as being the worst in the country, and they’re getting worse,” said Jay Brinkmann, the association’s chief economist “The rate in Illinois more than twice that of California. In the judicial states the problem continues to get worse in terms of the backlog of loans in the foreclosure process.”

via Chicago Tribune.

Perhaps if we had a government that was at least minimally friendly to business more people would be working.  That would certainly help.  But you cannot crush every businesses’ ability to efficiently function in the city and then wonder why more people don’t have good jobs.

Jobs will come when businesses come.  When people are working again mortgages will get paid.

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