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Foreclosures match 2007 rate; home prices still far from peak

Corelogic, a real estate data analysis company, recently released its report on foreclosures during May 2015. Year-over-year, the number of completed foreclosures nationwide declined by 19.2 percent. From April to May, though, the number increased by a little more than 4 percent.

The number of homes in some stage of foreclosure also declined in May, by an astonishing 27.4 percent year-over-year. With May's numbers, we are just five months short of marking four years of steady declines. All of this translates into a 1.3 percent foreclosure rate, something we have not seen since December 2007.

Florida reported the highest number of completed foreclosures -- 104,000 -- although, with a 2.9 percent foreclosure inventory, the state ranked third, well behind New Jersey's 4.9 percent. As usual, a small number of states (five) account for nearly 50 percent of all foreclosures.

Here in Illinois, homes in foreclosure accounted for 1.2 percent of all mortgaged homes, putting us slightly lower than the country as a whole and just 0.8 percent lower than 2014. For serious delinquencies, Illinois logged a 4.4 percent rate, higher than the nation's 3.5 percent. The numbers for the Chicago metro were higher than the state's: 1.9 percent for foreclosures and 5.1 percent for delinquencies.

Corelogic also reports that home prices increased in May: 6.3 percent year-over-year. Prices are about 8 percent lower than they were at the peak of the boom in April 2006. This is the 39th consecutive month that prices have increased. In Illinois, prices rose 2.8 percent year-over-year, but we are 19.7 percent lower than the state's November 2006 peak.

The state's recovery continues.

Sources: Corelogic, Home Price Index Report and National Foreclosure Report, May 2015

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