Illinois Third in Foreclosures

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    NEWSLETTERS

    TK
    Getty Images
    Your foreclosed house could be the new Friday night hot spot -- for the executives who bankrupted you.

    Home is where the foreclosure is.

    Foreclosure filings jumped 56 percent in October, creating the highest monthly total in Illinois since January 2005, according to a new report from RealtyTrac.

    Illinois' foreclosure rate has also landed the state third in the nation in total number of foreclosures, with 19,946 -- just behind California and Florida.

    Illinois was also the only state with a foreclosure rate in the top 10 to see an increase in foreclosure activity. In other words, it's only getting worse in the Prairie State.

    In the prior three months, Illinois foreclosure activity had decreased. The sudden spike could be the result of a recently passed state law that gives homeowners extra time to avoid foreclosure -- that delaying tactic may have run its course by October, says RealtyTrac.

    Nevada, California and Florida posted the highest foreclosure rates in October, while Illinois came in sixth.

    Illinois, together with California, Florida and Michigan, is responsible for 52 per cent of the nation's total foreclosure activity.