Foreclosure Home Press Releases CHICAGO FORECLOSURE ACTIVITY UP 36 PERCENT IN SEPTEMBER

CHICAGO FORECLOSURE ACTIVITY UP 36 PERCENT IN SEPTEMBER

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ACCORDING TO REALTYTRAC® U.S. FORECLOSURE MARKET REPORT

Chicago Foreclosure Rate Third Highest Among Top 5 Metros
Illinois Foreclosure Activity Up 33 Percent

IRVINE, Calif. – Oct. 26, 2007 — The eight-county Chicago metropolitan area reported 6,717 foreclosure filings in September, a 36 percent increase from the previous month and a foreclosure rate of one foreclosure filing for every 457 households — 1.2 times the national average and third highest among five of the nation’s largest major metropolitan areas, according to the latest RealtyTrac® U.S. Foreclosure Market Report. Chicago’s foreclosure rate was higher than the foreclosure rates of Philadelphia and New York but lower than the foreclosure rates in Dallas and Los Angeles.

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

“Foreclosure activity in Illinois spiked in September as more and more homeowners fell behind on their loan payments,” said James J. Saccacio, chief executive officer of RealtyTrac. “Many Illinois homebuyers — especially those who purchased recently with an adjustable rate mortgage — can’t get financing under today’s stricter terms.”

Cook County foreclosure activity up 24 percent
Cook County reported 4,324 foreclosure filings in September, a 24 percent increase from the previous month and the most foreclosure filings of any county in the metro area. The county’s foreclosure rate of one foreclosure filing for every 496 households was fifth highest among metro counties.

With 947 foreclosure filings reported, Will County documented the metro area’s second highest county total in September. Foreclosure activity in Will County increased 149 percent from the previous month. Du Page County reported 528 foreclosure filings in September, and Kane County reported 454 foreclosure filings, the metro area’s third and fourth highest foreclosure totals. McHenry County registered the fifth highest foreclosure total in the metro area, with 336 foreclosure filings reported in September.

Will County posts metro’s top foreclosure rate
Will County’s foreclosure rate — one foreclosure filing for every 228 households — was 2.4 times the national average and highest among metro counties in September. The county reported 947 foreclosure filings for the month, a 149 percent increase from the previous month.

McHenry County documented the Chicago area’s second highest county foreclosure rate in September, one foreclosure filing for every 326 households — 1.7 times the national average. Kane County documented the region’s third highest foreclosure rate, one foreclosure filing for every 360 households, and Kendall County documented the fourth highest foreclosure rate, one foreclosure filing for every 454 households.

Illinois documents nation’s sixth highest state total
Illinois reported 8,257 foreclosure filings in September, a 33 percent increase from the previous month and an 11 percent increase from September 2006. The state’s foreclosure rate of one foreclosure filing for every 623 households ranked it No. 11 nationwide.

A total of 219,850 foreclosure filings were reported nationwide in September, an 8 percent decrease from the previous month but still a 96 percent increase from September 2006. The national foreclosure rate was one foreclosure filing for every 566 households.

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings nationwide, statewide and by county in the Chicago-Naperville-Joliet Metropolitan Statistical Area Division over the preceding month. RealtyTrac’s report includes documents filed in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank).

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

Chicago Area Foreclosure Market Statistics by County – September 2007

 

 

Area

NODs

NTSs

NFSs

LISs

REOs

Total

Households per Filing

/National Average

United States

47,234

59,669

21,925

51,172

39,850

219,850

566

--

Illinois

0

82

715

6,765

695

8,257

623

0.91

Chicago MSAD

0

53

609

5,561

494

6,717

457

1.24

 

 

 

 

 

 

 

 

 

Cook County, IL

0

41

393

3,568

322

4,324

496

1.14

De Kalb County, IL

0

0

1

38

4

43

847

0.67

Du Page County, IL

0

5

37

460

26

528

669

0.85

Grundy County, IL

0

1

0

20

2

23

755

0.75

Kane County, IL

0

3

36

399

16

454

360

1.57

Kendall County, IL

0

1

6

45

10

62

454

1.25

McHenry County, IL

0

1

31

275

29

336

336

1.74

Will County, IL

0

1

105

756

85

947

228

2.48

About RealtyTrac Inc.
Ranked as the third largest real estate site by MediaMetrix and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing private companies, RealtyTrac Inc. (http://www.realtytrac.com/), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new construction properties, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal. For more information, visit http://www.realtytrac.com/.

###

Media Contacts:
Michelle Schneider
949.502.8300 Ext. 139
michelle.schneider@realtytrac.com

Christine Stricker
949.502.8300 Ext. 268
christine.stricker@realtytrac.com

Detailed & Historical Data:
Tyler White
949.502.8300 Ext. 158
tyler.white@realtytrac.com


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