CHICAGO AND ILLINOIS FORECLOSURES DECREASE FOR THIRD STRAIGHT MONTH ACCORDING TO REALTYTRAC™ NOVEMBER U.S. FORECLOSURE MARKET REPORT
Chicago Foreclosures Down 30 Percent Since August; City’s Foreclosure Rate Drops To Fourth Among Nation’s Top Five Metro Areas
Irvine, Calif. – December 19, 2005 – Chicago foreclosures decreased 17 percent in November, lowering the city’s foreclosure rate from third highest to fourth highest among the nation’s five largest metropolitan areas, according to the RealtyTrac™ November 2005 U.S. Foreclosure Market Report. Foreclosures in Chicago are down 30 percent since August thanks to three consecutive months of declines.
RealtyTrac (www.realtytrac.com) publishes the largest national database of pre-foreclosure and foreclosure properties, with more than 550,000 properties in nearly 2,000 counties across the country, and is the foreclosure data provider to MSN House & Home, Yahoo! Real Estate, AOL Real Estate and HomeGain.com.
Cook County reported 1,545 properties entering some stage of foreclosure in November, a rate of one foreclosure for every 1,357 households. Although the city’s foreclosure rate remained narrowly above state and national averages, it was lower than the foreclosure rates in Dallas-Fort Worth, New York and Philadelphia. Among the nation’s top five metropolitan areas, only Los Angeles registered a foreclosure rate lower than Chicago.
“Chicago foreclosures have steadily declined the last few months after peaking this summer,” said James J. Saccacio, chief executive officer of RealtyTrac. “We haven’t seen the city’s foreclosures this low since April, which is a good indication that the area’s real estate market remains vibrant despite recent interest rate hikes.”
Illinois foreclosures also declined for the third straight month. The state documented 3,023 properties entering some stage of foreclosure, a 4.6 percent decrease and a foreclosure rate of one foreclosure for every 1,618 households. That mirrored the national foreclosure rate of one foreclosure for every 1,615 U.S. households. Nationwide, 71,606 new foreclosures were reported in November — a 12 percent drop from the previous month.
Three of the collar counties around Chicago — Du Page, De Kalb and Kendall — documented foreclosure rates below state and national averages in November. Du Page County reported 98 properties entering some stage of foreclosure, a 30 percent decrease. De Kalb County reported 9 properties entering some stage of foreclosure, a 25 percent decrease. And Kendall County reported four properties entering some stage of foreclosure, a 76 percent decrease.
With 159 properties entering some stage of foreclosure, Will County foreclosures decreased 16 percent in November. But the county’s foreclosure rate of one foreclosure for every 1,104 households was 1.5 times state and national averages.
Foreclosures increased in Lake, Kane and McHenry counties, and all three counties registered foreclosure rates above state and national averages. The biggest jump was reported in McHenry County, where a total of 85 properties entered some stage of foreclosure — a 29 percent increase. Kane County reported a 9.7 percent increase in foreclosures, and Lake County reported a 1.3 percent increase in foreclosures.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides a graphical map that illustrates foreclosure percentiles by state (appended to this press release or available by request), as well as the total number of homes in some stage of foreclosure nationwide and by state over the preceding month. Data is also available at the individual county level. 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 repurchased by a bank).
Below are foreclosure market statistics nationwide and by state:
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About RealtyTrac Inc.
Ranked as the fourth-largest real estate site by Nielsen Net Ratings, RealtyTrac Inc. (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 and For Sale By Owner properties, with more than 550,000 properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts close to two million unique visitors monthly and is the exclusive foreclosure data supplier to MSN House & Home, Yahoo! Real Estate and HomeGain as well as the foreclosure data provider to AOL Real Estate. For more information, visit www.realtytrac.com.
Atomic Public Relations