Illinois State Profile

The Illinois economy continued to improve as job growth accelerated. Illinois added 61,000 jobs during the year ending fourth quarter 2005, and the state's quarterly job growth exceeded 1 percent for the first time in five years....

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Finding Opportunity in the Illinois Real Estate Market: Pre-Foreclosures

In any real estate market -particularly in areas where home economic value are facing downward pressures (i.e., high unemployment levels, overpriced housing markets, or high levels of adjustable-rate mortgages), a certain portion of homeowners will be in foreclosure of their mortgage payment or facing foreclosure.

Mortgage loan default can occur dues to many causes: job loss, divorce, health issues. Many mortgage lenders practices have added to default rates due to the introduction of mortgage products that were planned to lower monthly loan payments and to help borrowers qualify for larger loan amounts, while others expected little in the way of documentation during the approval process.

These riskier loans have made it easier for some people to get mortgage loans, but they also can raised the possibility that some borrowers may end up in foreclosure...

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