Chicago Foreclosure Rate Moves to Highest Of Top 5 Metros
Illinois Foreclosures Up 4 Percent
IRVINE, Calif. – Nov. 28, 2006 — Chicago foreclosure activity remained high in October, increasing 1 percent from the previous month and boosting the city’s foreclosure rate to highest among five of the nation’s largest metropolitan areas, according to the RealtyTrac™ October 2006 U.S. Metropolitan Foreclosure Market Report.
The eight-county metropolitan area reported 6,244 properties entering some stage of foreclosure, a foreclosure rate of one new foreclosure filing for every 466 households — more than twice 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’s foreclosure rate has now risen above the foreclosure rate in Dallas, which for several months has posted the highest foreclosure rate among the five major metros we track,” said James J. Saccacio, chief executive officer of RealtyTrac. “However, the increase in October was modest compared to the increases of the last two months. This might indicate that the area’s housing market may be so inundated with foreclosures that buyers and investors are beginning to enter the market to take advantage of the bargain opportunities available, or that lenders are working more aggressively with homeowners to slow down the number of defaults.”
Chicago’s foreclosure rate ranked highest among five major metropolitan areas analyzed by RealtyTrac. It was higher than the foreclosure rates in Dallas, Los Angeles, Philadelphia and New York.
Cook County reported 4,478 new foreclosure filings during the month, the most of any metro county and an increase of nearly 2 percent from the previous month. The county’s foreclosure rate of one new foreclosure filing for every 468 households was more than two times the national average.
Despite a slight decrease in foreclosure activity, Will County continued to post the area’s highest foreclosure rate, with one new foreclosure filing for every 267 households — more than three times the national average. The county reported 658 new foreclosure filings during the month, down from 669 the previous month.
Foreclosure activity in Du Page County increased nearly 11 percent in October, the biggest increase of any county in the Chicago metro area. The county reported 408 new foreclosure filings, a foreclosure rate of one new foreclosure filing for every 823 households.
McHenry County documented the biggest decrease in foreclosure activity in the metro area, with a drop of more than 25 percent drop in new foreclosure filings from the previous month. The county’s foreclosure rate of one new foreclosure filing for every 513 households was still 1.9 times the national average.
With 7,744 new foreclosure filings in October, Illinois foreclosure activity increased more than 4 percent from the previous month and more than 144 percent from October 2005. The state’s foreclosure rate of one new foreclosure filing for every 632 households was 1.6 times the national average.
A total of 115,568 properties nationwide entered some stage of foreclosure in October, an increase of nearly 3 percent from the previous month and an increase of more than 42 percent from October 2005. The nation’s foreclosure rate of one new foreclosure filing for every 1,001 households was the highest national foreclosure rate reported in any month 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
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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
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Detailed & Historical Data:
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