Illinois posts highest foreclosure rate in U.S. in August

    Illinois posted the highest foreclosure rate in the nation in August, with one of every 298 homes receiving a foreclosure notice, according to a report issued Thursday.

    It was the first time that Illinois led the nation in foreclosure filings since RealtyTrac began issuing its monthly reports in January 2005. Compared with August 2011, default notices rose 18 percent, notices of scheduled foreclosure auctions rose 116 percent and bank repossessions increased 41 percent. Overall, foreclosure activity in the state rose 29 percent from July and 42 percent from August 2011.

    With the latest report, foreclosure activity in Illinois has increased on a year-over-year basis for eight consecutive months.

    Most of that activity continues to be centered in the Chicago area.  Of the 17,781 Illinois homes that received a foreclosure notice last month, 91 percent of them were located in the Chicago area.

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