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Report: Illinois Has Nation's Fifth Highest Foreclosure Rate

CHICAGO (CBS) -- New figures suggest lenders are catching up on Chicago-area home foreclosures after last year's robo-signing scandal forestalled some of them.

As WBBM Newsradio's Regine Schlesinger reports, the new RealtyTrac figures for May show that Illinois has the nation's fifth highest foreclosure rate - one in every 340 housing units.

In the Chicago area, foreclosures jumped 27 percent from April and more than 56 percent compared with May of last year. Of the 20 biggest cities, Chicago last month had the fourth highest foreclosure rate.

And RealtyTrac warns things could get worse before they get better – a jump in foreclosure starts last month shows it could be a bumpy ride to the bottom of the foreclosure crisis.

Nationwide, last month, foreclosures were 9 percent higher than in April but, down 4 percent from the same period last year.

LISTEN: WBBM Newsradio's Regine Schlesinger reports


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