According to 24/7 Wallstreet writers Michael B. Sauter and Charles B. Stockdale and Ashley C. Allen, Illinois is not number one for states with the most homes in foreclosure as of February 2012.
This is excellent news! Being number 3, right behind New Jersey and Florida, means that Elgin home buyers will not have long to wait to see how the market turns this spring. If NJ and FL are early indicators, the home market will remain flat, but at least not dip further down into the negative loss category. Housing losses will still take time to work their way out of the market, but the sooner they clear the hurdles and come off the long listing times, the easier and faster regular home sales will go through too.
The bottom has finally arrived in Illinois. We can only go up from here!