ROCKFORD -- A survey of foreclosures across the nation ranks Rockford as 8th worst in the nation, and the Chicago area as 9th worst, but experts say while the area does have a lingering foreclosure problem, those rankings may be misleading.
RealtyTrac reports that while foreclosures are falling, they are still well above what's considered a normal housing market. In September, there were 180,000 housing units with foreclosure filings. A 'normal' year would be around 75,000."We have more than halfway back to normal," Daren Blomquist, vice president at RealtyTrac told ABCNews,
California dominates when it comes to the foreclosure crisis. Rockford and Chicago find themselves on the list in part because it takes so long to foreclose on a home here. The average process lasts 380 days. In Illinois, that process takes close to 700 days.
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