Chicago Foreclosure Rate Second Highest Among Top 5 Metro Areas
Foreclosure Activity Also Down 22 Percent Statewide
IRVINE, Calif. – Dec. 19, 2006 — Chicago foreclosure activity decreased 22 percent in November, dropping the city’s foreclosure rate to second highest among five of the nation’s largest metropolitan areas, according to the RealtyTrac™ U.S. Metropolitan Foreclosure Market Report.
The eight-county metropolitan area reported 4,884 properties entering some stage of foreclosure in November, a foreclosure rate of one new foreclosure filing for every 595 households — 1.6 times the national average.
RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 700,000 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 foreclosures fell back substantially in November,” said James J. Saccacio, chief executive officer of RealtyTrac. “While home sales have slowed in the Chicago area, home prices continue to appreciate and unemployment is lower than it has been. Given those facts, perhaps a growing number of homeowners who initially financed their home purchases with subprime adjustable-rate mortgages are now able to refinance into an affordable fixed-rate loan product, thereby reducing the number of properties going into foreclosure.”
Chicago’s foreclosure rate, after claiming the top spot among the five major metropolitan areas analyzed by RealtyTrac the month before, slipped to second highest in November. Dallas, which had registered the highest foreclosure rate for most of the year, once again topped the five MSAs, followed by Chicago, and then Los Angeles, Philadelphia and New York.
Cook County foreclosures led the region
Cook County reported 3,519 properties entering some stage of the foreclosure process during the month, the most of any metro county, and a decrease of 22 percent from the previous month. The county’s foreclosure rate of one new foreclosure filing for every 596 households was 1.6 times the national average.
Kendall County foreclosure rate highest
Kendall County posted the highest foreclosure rate in the region for November, reporting one new foreclosure filing for every 195 households — almost five times the national average. The county reported 100 new foreclosure filings during the month, up 82 percent from the 55 foreclosures reported the previous month. It was also the only county in the Chicago metro area showing an increase in foreclosure activity during the month.
De Kalb County reports largest decrease in activity
De Kalb County documented the biggest decrease in foreclosure activity in the Chicago metro area, reporting a 44 percent drop in new foreclosure filings from the previous month. The county’s foreclosure rate of one new foreclosure filing for every 1,222 households was below the national average.
Illinois foreclosures amount to five percent of national total
With 6,069 new foreclosure filings in November, foreclosure activity in Illinois declined 22 percent from the 7,744 foreclosures reported the previous month but was up more than 100 percent from the 3,023 foreclosures reported in November 2005. The state’s foreclosure rate of one new foreclosure filing for every 806 households was 1.2 times the national average.
Illinois accounted for 5 percent of the 120,334 properties nationwide that entered some stage of foreclosure in November, an increase of 4 percent from the previous month and up more than 68 percent from November 2005. The nation’s foreclosure rate of one new foreclosure filing for every 961 households was the highest rate reported so far this year.
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).
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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Detailed and historical foreclosure data used to create the above report may be
purchased through the RealtyTrac Data Licensing Department at 949.502.8300 Ext.
158. Aggregate data is available at the state, metro, county and zip code
levels dating back to 2005, and address-level foreclosure records are also
949.502.8300 Ext. 139
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Detailed & Historical Data:
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