Foreclosure Home Press Releases ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

CHICAGO FORECLOSURE ACTIVITY UP 20 PERCENT IN OCTOBER

Print Email
Comments Add Comment

Chicago Foreclosure Rate Second Highest Among Top 5 Metros
Illinois Foreclosure Activity Up 17 Percent

IRVINE, Calif. – Nov. 26, 2007 — The eight-county Chicago metropolitan area reported 8,050 foreclosure filings in October, a 20 percent increase from the previous month and a foreclosure rate of one foreclosure filing for every 381 households — 1.5 times the national average and second highest among five of the nation’s largest major metropolitan areas.

Chicago’s foreclosure rate was higher than the foreclosure rates in Dallas, New York and Philadelphia but lower than the foreclosure rates in 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 increased rapidly in October as more and more homeowners, many of them likely with adjustable rate mortgages, fell behind on their loan payments,” said James J. Saccacio, chief executive officer of RealtyTrac. “The majority of foreclosure activity in Illinois is located predominantly in the Chicago area, but virtually no neighborhood or suburb in the larger metro area has escaped the intensifying foreclosure issue.”

Cook County foreclosure activity up 37 percent
Cook County reported 5,935 foreclosure filings in October, a 37 percent increase from the previous month and the most of any county in the metro area. The county’s foreclosure rate of one foreclosure filing for every 361 households was third highest among metro counties and 1.5 times the national average.

With 727 foreclosure filings reported, Will County documented the metro area’s second highest county total in October, and foreclosure activity in the county decreased 23 percent from the previous month. Du Page County reported 509 foreclosure filings in October, and Kane County reported 378 foreclosure filings, the metro area’s third and fourth highest totals. McHenry County registered the fifth highest total in the metro area, with 280 foreclosure filings in October.

Kendall County posts metro’s top foreclosure rate
Kendall County’s foreclosure rate — one foreclosure filing for every 186 households — was nearly three times the national average and highest among metro counties in October. The county reported 151 foreclosure filings for the month, a 144 percent increase from the previous month.

Will County documented the Chicago area’s second highest county foreclosure rate in October, with one foreclosure filing for every 298 households — 1.9 times the national average.

Illinois documents nation’s seventh highest state total
Illinois reported 9,674 foreclosure filings in October, a 17 percent increase from the previous month and a 25 percent increase from October 2006. The state’s foreclosure rate of one foreclosure filing for every 532 households was slightly above the national average and ranked 10th among the 50 states.

A total of 224,451 foreclosure filings were reported nationwide in October, a 2 percent increase from the previous month and a 94 percent increase from October 2006. The national foreclosure rate was one foreclosure filing for every 555 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 – October 2007

Area NODs NTSs NFSs LISs REOs Total 1 for every #HH /Natl Avg

United States

41,404

58,597

22,485

48,356

53,609

224,451

555

--

Illinois

0

177

938

7,355

1,204

9,674

532

1.04

Chicago MSAD

0

128

801

6,217

904

8,050

381

1.45

 

 

 

 

 

 

 

 

 

Cook County, IL

0

98

625

4,520

692

5,935

361

1.54

De Kalb County, IL

0

0

6

43

1

50

729

0.76

Du Page County, IL

0

9

53

406

41

509

694

0.79

Grundy County, IL

0

0

0

19

1

20

868

0.64

Kane County, IL

0

11

39

286

42

378

433

1.28

Kendall County, IL

0

2

6

121

22

151

186

2.97

McHenry County, IL

0

3

25

218

34

280

391

1.41

Will County, IL

0

5

47

604

71

727

298

1.86

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/gateway_co.asp?accnt=137300), 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/gateway_co.asp?accnt=137300.

###

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


Print Email < Back to Press Releases
Printed from www.RealtyTrac.com

Comments

Add Your Comment

You must be logged in to leave a comment. Login | Register

Submit


Search Press Releases