ROCKFORD, Ill. (WIFR) -- A recent report from the Illinois Network claims the state's foreclosure law may be holding back its housing market.
According to the report, Illinois had around 267,000 home foreclosures between 2007 and 2016
Illinois requires a judicial process before the lender can take control of a foreclosed property, potentially adding months or years to the process.
Locally, Rockford's housing market shows a different story. The city's housing foreclosure sales have dropped from 38 percent in 2013 to just 9.5 percent this year.
As a result, Rockford's year-to-year home sales to rise 3.3 percent in October, which is higher than the state or national average.
"We've seen pretty much a 75 percent drop in the number of foreclosures that we're seeing coming on the market and being sold here in Rockford," said Conor Brown, CEO Rockford Area Realtors. "To be in that single digits is a lot more positive and we're still seeing those trend lines headed in that direction."
The average home in Rockford sold for nearly $139,000, which is the highest October average in 12 years. This cost is still about half the nationwide average for home prices.