Foreclosure filings through December of 2011 are now reported. The chart below outlines the activity over the past few years.
2011 saw an average of 8.83 foreclosure filings per month, slightly higher than 2010. The increase is partially due to banks that had placed a moratorium on foreclosures to review paperwork now actively pursuing delinquent homeowners again. The State’s Hardest Hit Fund mortgage assistance program is likely helping to keep filings lower than they would otherwise be. Both the City of Champaign and Novadebt Debt Management Service act as sponsor agencies to assist Champaign County homeowners through the application process for the program, though the City is no longer accepting new applicants at this time. RealtyTrac states one in every 419 Illinois housing units received a foreclosure filing in December 2011. Champaign County is considered low risk on their indicator chart. Staff will continue to monitor City of Champaign filings to assess the impact on the community.