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thereby reducing the mortgagees to prove abandonment based purely on inspection. In addition, the statute also provides disqualifying factors such as a "For Sale" sign or ongoing construction at the property, which would bar the foreclosure from the expedited call. The success of the statewide expedited foreclosure call will largely depend on the mortgagees' willingness to utilize the vacant call as a tool to reduce the foreclosure time on properties that meet the threshold requirements. A few examples of the benefits of the expedited call are shorter foreclosure times, timely collection of property taxes, stabilization of home prices, and reduction of local and state courts' burdens and costs to local governments. The combined positive impact of the vacant call will not only benefit citizens and local governments of Illinois, but also the lenders who must eventually sell property to third parties who are more likely to move to neighborhoods devoid of urban blight. As stated by the Illinois Senate, the goal of S.B. 16 is to reduce the toll on communities, which arises from abandoned property. This "From the Bench" article was contributed by Christopher Irk, an attorney with the Wirbicki Law Group in Chicago. IN THE NEWS Auctions by ATG Pledges to Give to Nonprofits Sellers who go through Auctions by ATG are also presented with the opportunity to fund a nonprofit of their choice. Auctions by ATG announced it is pledging 20 percent of the commission it receives from a property seller to the nonprofit of the seller's choice. The arrangement was made through Investing in Communities (IIC). "Becoming a sponsor of IIC allows Auctions by ATG to provide our clients with a socially responsible way of doing business," said Diana M. Peterson, EVP of Chicagobased Auctions by ATG. "Giving back to communities is a priority to us as well as many of our clients. We are excited to now offer our clients a unique opportunity to help us support the causes they care about. They get top dollar for their property and at the same time increase their positive social impact, generating goodwill and advancing corporate social responsibility." 90 As part of the program, Auctions by ATG will send the percentage pledged to IIC, who will then distribute the pledge to the selected nonprofit. IIC will also publicize the role of the seller in the donation. IIC will also retain 8.75 percent of the funds, while the remaining amount goes to the nonprofit. Interested bidders can access the online bidding service at ATGBidder.com. On auction day, registered bidders can view both a live-streaming video and a real time live bidcast on the website. Buyers who can't participate in the bidding process can confidentially submit a maximum bid to the online bidding service and authorize a bidding service agent to submit bids on their behalf up to their maximum. said Geoffrey J.D. Hewings, director of the regional economics applications laboratory of the University of Illinois. "However, foreclosed properties are accounting for a sizeable portion of these sales. The good news is that foreclosed sales are outpacing new additions to the foreclosure inventory but at a cost of dampening median price increases." Illinois Home Sales, Prices Climb in March TransUnion reported the national mortgage delinquency rate recorded its biggest improvement since the credit bureau began keeping track in 1992. In the first quarter of this year, the mortgage delinquency rate, which includes 60-plus delinquencies, stood at 4.56 percent. The figure represents a 21 percent decline from a year earlier and a 12 percent decrease from the fourth quarter of 2012. "We are pleased to report that the national mortgage delinquency rate experienced its first major decline since the advent of the housing crisis," said Tim Martin, group VP of U.S. housing in TransUnion's financial services business unit. "We certainly expected improvement this quarter, as the housing sector is in recovery, but the magnitude of the improvement was unexpected." Looking ahead, TransUnion projects the mortgage delinquency rate will fall further and finish near 4.5 percent in the second quarter of this year. "There is no reason to believe the decline in mortgage delinquencies will not continue," Martin added. "All housing data point to further improvements in the delinquency rate, though as in the past few years, this also will hinge on how quickly older vintage loans clear through the system. We do not know if the first quarter was a blip, or if it's the beginning of a more rapid decline." In addition to the improvements on a national level, individual states and metro areas across the country also showed remarkable progress. During the last year, all 50 states plus Washington, D.C. saw their mortgage delinquency rates fall. The state that registered the steepest decline was Arizona, where the rate plunged 37.9 percent to 4.26 percent. California Illinois experienced an increase in home sales and median prices over year-ago levels in March, the Illinois Association of Realtors reported. Home sales last month totaled 10,992, up 13.6 percent from March 2012 when sales were at 9,679. Sales across the state have risen year-over-year each month since July 2011. At the same time, median prices in the state showed a 3.6 percent improvement from last year, the association reported. The median price for a home stood at $135,000 in March. "We are entering what is traditionally the busiest period of the year in the real estate market," said Michael D. Oldenettel, CRS, GRI, president of the Illinois Association of Realtors and managing broker and owner of RE/MAX Results Plus in Jacksonville. "The decreasing time it takes to sell a home, coupled with shrinking inventories, shows there is keen interest on the part of homebuyers who are rushing to lock in favorable interest rates and take advantage of low, but increasing prices." The state association also reported 44 out of 102 Illinois counties displayed annual increases in sales, while 34 posted median price gains. In addition, home sales in the ninecounty Chicago metropolitan statistical area rose 18.1 percent to 7,914 in March. The median price in the Chicago area was up 2 percent to $155,000 during the same time period. "The inventory in both the state and Chicago markets suggest that demand has begun to return to the housing market," TransUnion: Delinquency Rate Sees Biggest Improvement Since 1992

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