Illinois homeowners are most likely in the nation to be in foreclosure. The looming $2,100 property tax hike from Amendment 1 would make housing even more unaffordable.
Illinois experienced over 14,000 foreclosures in the first six months of 2022, the highest rate in the nation.
One in every 385 housing units – or about 0.26% of homes – either received a default notice, had an auction scheduled or was repossessed by the bank. Instances of foreclosures in Illinois have nearly tripled from last year and are up 12% from two years ago.
Record-high inflation, rising interest and mortgage rates and second-highest in the nation property taxes make everyday expenses more difficult to manage for Illinoisans. Illinois’ tough fiscal climate compounds national economic pressures, causing more homeowners to fall behind on their mortgage payments. During the first six months of 2022, Illinoisans were more likely to fall into foreclosure than in any other state, according to data recently released from ATTOM – a real estate data aggregator.