Foreclosure Home Press Releases CHICAGO FORECLOSURES INCREASE 19 PERCENT IN DECEMBER

CHICAGO FORECLOSURES INCREASE 19 PERCENT IN DECEMBER

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Chicago Foreclosure Rate Still Second Highest Among Top 5 Metros
Illinois Foreclosures Up 14 Percent

IRVINE, Calif. – Jan. 15, 2007 — Chicago foreclosure activity increased 19 percent in December, giving the city its highest quarterly foreclosure total of the year in the fourth quarter and pushing the city’s foreclosure rate to more than twice the national average, according to the RealtyTrac™ U.S. Foreclosure Market Report.

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RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 800,000 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.

The eight-county Chicago metropolitan area reported 5,821 new foreclosure filings in December, a foreclosure rate of one new foreclosure filing for every 499 households — more than twice the national average. That brought the area’s fourth quarter foreclosure total to 16,949 and its 2006 foreclosure total to 57,706.

“Although there have been substantial monthly fluctuations, Chicago foreclosures have clearly trended higher over the course of 2006, with the city’s foreclosure total increasing in every quarter of the year,” said James J. Saccacio, chief executive officer of RealtyTrac. “This increase in December bucks the national trend of decreasing foreclosures for the month and keeps the city’s foreclosure rate second highest among the nation’s top five metro areas.”

Chicago’s foreclosure rate was higher than the foreclosure rates in Philadelphia, Los Angeles and New York but lower than the Dallas foreclosure rate.

Chicago real estate agent Daryl Russell, a member of the RealtyTrac Agent Network™, said he’s witnessed firsthand the upturn in foreclosures, having listed many foreclosures in the last few months.

“Chicago and the surrounding suburbs have a number of pre-foreclosure properties,” he said. “And since the national media is communicating that this is a buyers market, sellers are becoming more flexible in what they are offering: homeowners’ warranties, appliance credit and (payment of) closing costs.”

Cook County accounts for majority of foreclosure total
Cook County reported 4,158 new foreclosure filings during the month, an 18 percent increase from the previous month and the most of any metro county. Cook County’s foreclosure rate of one new foreclosure filing for every 504 households was more than twice the national average.

Will County documents metro’s highest foreclosure rate
With one new foreclosure for every 305 households — 3.5 times the national average — Will County documented the metro area’s highest foreclosure rate. The county reported 575 new foreclosure filings during the month, a 23 percent increase from the previous month and the second most of any metro county.

Despite a 43 percent drop in foreclosure activity, Kendall County documented the metro area’s second highest foreclosure rate — one new foreclosure filing for every 342 households.

Most of the other counties in the metro area reported increasing foreclosure activity in December. De Kalb County led the way, reporting a 93 percent increase, followed by Kane County, reporting a 43 percent increase; Du Page County, reporting a 25 percent increase; and McHenry County, reporting a 21 percent increase.

Illinois posts nation’s fifth highest foreclosure total
Illinois reported 6,903 new foreclosure filings in December, an increase of 14 percent from the previous month and the fifth highest number documented by any state. The state’s foreclosure rate of one new foreclosure filing for every 708 households was 1.5 times the national average.

New foreclosure filings nationwide totaled 109,652 in December, a decrease of nearly 9 percent from the previous month and a foreclosure rate of one new foreclosure filing for every 1,055 households. U.S. foreclosure activity was still up nearly 35 percent from December 2005.

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, statewide and by county in the Chicago Metropolitan Statistical Area Division over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures – Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures – 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 repossessed by a bank).

 

Chicago Area Foreclosure Market Statistics by County – Dec 2006

Geography NOD NTS NFS LIS REO Total 1 in every # households /National Average

United States

26,593

41,292

5,472

15,887

20,408

109,652

1,055

--

Illinois

0

111

748

5,641

403

6,903

708

1.5

Chicago MSAD

0

72

650

4,827

272

5,821

499

2.1

Cook County, IL

0

45

529

3,428

156

4,158

504

2.1

De Kalb County, IL

0

1

1

47

3

52

634

1.7

Du Page County, IL

0

5

28

361

16

410

819

1.3

Grundy County, IL

0

1

1

2

0

4

3760

0.3

Kane County, IL

0

4

28

296

33

361

385

2.7

Kendall County, IL

0

1

2

54

0

57

342

3.1

McHenry County, IL

0

3

16

179

6

204

455

2.3

Will County, IL

0

12

45

460

58

575

305

3.5

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/.

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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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