According to ATTOM Data, a nationwide provider of housing data, there was an uptick in commercial foreclosure activity over the past few years. At its lowest level in March of 2020, there were 141 commercial foreclosures.  This number has now swolen to 625 in March of 2024 -- which is a significant 117% year-over-year increase. Among the fifty states, Illinois ranked tenth highest in commercial foreclosure activity.

What does this mean?

This uptick in new commercial foreclosure filings is signifcant, although more data over a greater period of time will be necessary to assess whether the increase is indicative of greater problems in the commercial market.

For those facing a commercial forecosure, there are options. At The Law Center, we are a team of specialists that are passionate and up to date about the foreclosure process from start to finish and helping businesses and owners at the highest level. Our staff and attorneys approach each client and each property as a new challenge, one that requires thorough analysis, zealous representation, and thoughtful strategy. It’s your investment, let The Law Center help you defend it.

Call us now and speak with a foreclosure expert on how you can make the foreclosure process work for you -- not against you. (312) 600-8815