foreclosures

Jeff Turner/flickr

WUIS' Sean Crawford talks with Tim Landis, Business Editor for the State Journal-Register, on our weekly business report. 

This week, we hear about foreclosure sales returning to normal levels in the Springfield area.  We also discuss a study of the Heritage River Trail from Petersburg to Decatur and what improvements could be made to help tourism and recreation. 

Also, a court-ordered deadline is fast approaching to clean up the former CIPS Icehouse at 918 E. Edwards St.

debt.org

A new report says almost one-third of Illinois homes are ``deeply underwater'' meaning that they're worth at least 25 percent less than what's owed on the loans. 

The report released Thursday by Irvine, Calif.-based RealtyTrac says that represents almost 775,000 Illinois homes. The report is based on data from December.  

Only Nevada and Florida fare worse, with 38 percent and 34 percent of homes deeply underwater, respectively. 

But the report has some good news.

Nationally, the percentage of deeply underwater homes is falling.  

The panel also warned that banks could be open to potential lawsuits from homeowners who were mistakenly targeted for foreclosure or subjected to improper administration of process.
WUIS/Illinois Issues

Virginia Holwell doesn’t know how she is going to keep the Peoria Heights house she has called home for the past 10 years. Holwell worked for the state of Illinois for more than 30 years, as a social worker and then training and supervising social workers. After she was laid off last July, she began having trouble paying her bills. Before she missed a payment, she tried to renegotiate the terms of her mortgage to possibly get a lower interest rate or smaller payments to bridge the time until she found another job.