Illinois Foreclosure Rates Suddenly Among the Worst in America

Nothing good comes from an area where foreclosure rates are high. For the state of Illinois, there's troubling new data that shows home foreclosures are now skyrocketing putting it among the worst states in America for those losing their homes.

This new ranking just shared by 24/7 Wall St shows the states where foreclosure rates are the highest. They point to data that shows states with high foreclosure rates tend to have more living in poverty which in turn leads to higher crime rates.

They rank Illinois now 8th in America for the highest foreclosure rate in America. They show the state had a total of 1,446 foreclosures as of the end of last year which means Illinois has a rate of one foreclosure out of every 3,753.

Why are there now so many foreclosures in Illinois?

The ranking points to the last 25 years in Illinois where they say the state has transitioned from farming and industrial manufacturing to financial trading, medicine and what they call "high-value businesses". They say this leads to more business focused on the larger metro with less employment opportunities in the rural areas of Illinois. Congrats, Chicago, you get blame again for Illinois' problems.