For the second year in a row, the state of Illinois has recorded a drop in the number of foreclosure filings. According to some, this is an indication that the economy is slowly but surely improving.

RealtyTrac, a foreclosure data firm, reported that Illinois filings dropped 32 percent in 2011. That number is similar to the decline that occurred across the country. RealtyTrac's CEO acknowledged that many foreclosure filings were postponed in 2011 because of paperwork issues and legal problems that banks across the country experienced.

However, a University of Chicago professor affiliated with the Booth School of Business said a drop in filings two years in a row speaks to an improving economy. He cautioned that the job market is still suffering and people are still getting laid off, but added that fewer foreclosures could be attributed to relatively better unemployment rates and housing prices.

While this is certainly welcome news, Illinois residents may still experience hardships now and in the future. The Illinois foreclosure rate is still the eighth highest in the country.

As many people in Illinois know, facing foreclosure can be a frightening experience. A home carries significant value for many families. Not only is it a roof to live under, but it often also represents many memories and emotions. Illinois residents who are facing foreclosure should know that there are options to fight it. For example, filing for bankruptcy will immediately stop a foreclosure. Speaking to an experienced attorney may be helpful if you are facing a foreclosure.

Source: WBEZ, "Illinois foreclosure filings drop for a second year," Ashley Gross, Jan. 12. 2012