Foreclosure Home Press Releases CHICAGO FORECLOSURE ACTIVITY DECREASES 20 PERCENT IN MAY

CHICAGO FORECLOSURE ACTIVITY DECREASES 20 PERCENT IN MAY

Print Email
Comments Add Comment

Chicago Foreclosure Rate Second Highest Among Top 5 Metros
Illinois Foreclosure Activity Down 18 Percent

IRVINE, Calif. – June 30, 2007 — The eight-county Chicago metropolitan area reported 5,549 foreclosure filings in May, a 20 percent decrease from the previous month and a foreclosure rate of one foreclosure filing for every 524 households — 1.3 times the national average and third highest among five of the nation’s largest major metropolitan areas.

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

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 900,000 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.

“Chicago’s housing market is not as susceptible to an outbreak of foreclosures compared to other, more volatile markets,” said James J. Saccacio, chief executive officer of RealtyTrac. “That’s because Chicago did not experience the dramatic spike in home price appreciation witnessed in other markets over the past few years. Many of those markets are now reporting flat or declining appreciation rates, while Chicago’s appreciation remains steady and above the national average. That means financially distressed homeowners in the Chicago area are more likely to have an equity cushion to help protect them from foreclosure.”

Cook County foreclosure activity down 27 percent
Cook County reported 3,721 foreclosure filings in May, a 27 percent decrease from the previous month but still the most of any county in the metro area. The county’s foreclosure rate of one foreclosure filing for every 563 households was sixth highest among metro counties and 1.2 times the national average.

With 643 foreclosure filings reported, Du Page County documented the metro area’s second highest county total in May. Foreclosure activity in the county increased 45 percent from the previous month, and the county’s foreclosure rate of one foreclosure filing for every 522 households was fifth highest among metro counties. Kane County reported 424 foreclosure filings in May and Will County reported 387 foreclosure filings, the metro area’s third and fourth highest totals. McHenry County registered the fifth highest total in the metro area, with 232 foreclosure filings reported in May.

Kendall County posts metro’s top foreclosure rate
Kendall County’s foreclosure rate — one foreclosure filing for every 271 households — was 2.4 times the national average and highest among metro counties in May. The county reported 72 foreclosure filings for the month, a 5 percent dip from the previous month.

Kane County documented the Chicago area’s second highest county foreclosure rate in May, with one foreclosure filing for every 328 households — twice the national average. McHenry documented the region’s third highest foreclosure rate, one foreclosure filing for every 400 households, and Will County documented the fourth highest foreclosure rate, one foreclosure filing for every 454 households.

Illinois documents nation’s seventh highest state total
Illinois reported 6,824 foreclosure filings in May, an 18 percent decrease from the previous month but still up 7 percent from May 2006. The state’s foreclosure rate of one foreclosure filing for every 717 households dropped slightly below the national average and ranked 13th among the states.

A total of 176,137 foreclosure filings were reported nationwide in May, a 19 percent increase from the previous month and a 90 percent increase from May 2006. The national foreclosure rate was one foreclosure filing for every 656 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 – May 2007

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

United States

55,615

56,481

9,760

25,733

28,548

176,137

656

--

Illinois

0

19

611

5,485

709

6,824

717

0.92

Chicago MSAD

0

11

448

4,591

499

5,549

524

1.25

Cook County, IL

0

9

349

2,952

411

3,721

563

1.17

De Kalb County, IL

0

0

5

48

2

55

600

1.09

Du Page County, IL

0

1

30

592

20

643

522

1.26

Grundy County, IL

0

0

0

13

2

15

1,003

0.65

Kane County, IL

0

0

20

367

37

424

328

2.00

Kendall County, IL

0

0

1

62

9

72

271

2.42

McHenry County, IL

0

0

20

197

15

232

400

1.64

Will County, IL

0

1

23

360

3

387

454

1.45

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