Foreclosure Rates on the Decline in Central Illinois

Foreclosure Rates on the Decline in Central Illinois

The area’s foreclosure rates are not reflected of the national numbers.
CENTRAL ILLINOIS - Illinois is ranked in the top three for the highest number of foreclosures according to a recent survey, but central Illinois is not to blame.

Between Fulton, Tazewell, Woodford and Peoria counties, foreclosures dropped by more than 150 homes from last year to this year.

Central Illinois's numbers do not reflect the state's ranking because it is a different marketplace than the more populated Chicago-area.

Central Illinois does not see as much price fluctuation as the bigger cities.

"Real estate is local and that we're very proud of our central Illinois economy, and i think the housing market is a big push for our economy, and it's a positive indicator,” Peoria Area Association of Realtors President Tonya Burris said.

Burris says these numbers mean Illinois is recovering from the 2008 recession. It is considered a slow and steady process, but the prices are starting to level out.
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