That's the number of foreclosures in Illinois since January 1, 2009 according to the Center for Responsible Lending. The same organization is projecting 103,000 foreclosures in 2009 and 342,800 in the next 4 years. Then, there are the folks not yet in foreclosure, but who have missed a payment or two. There are over 120,000 of them compared to just over 40,000 in 2004 -2005 and that number is really only good through Q3 2008.
Another very interesting number from CRL is the Decline in housing contribution to state economy from 2005 through 2008. That's -$13.1 billion which might explain at least some of our state budget woes and illustrates the cost of federal mortgage deregulation to all of us.
CRL has some good news. The FDIC plan for streamlined mortgage modifications would save our state 93,400 homes. If Congress would actually pass the provision allowing court supervised mortgage modifications, Illinois could save 34,000 homes. Unfortunately, republicans insisted that provision be left out of the economic stimulus bill either because they think homeless people stimulate the economy more than people living in their homes or that a tanking economy is better for them. Dick Durbin put the provision into S. 61, Helping Families Save Their Homes in Bankruptcy Act of 2009. The bill currently sits in the Senate Judiciary Committee.
