CHICAGO AREA FORECLOSURES INCREASE 58 PERCENT IN AUGUST

Area’s Foreclosure Rate Twice the National Average
Illinois Foreclosures Up More Than 40 Percent

IRVINE, Calif. – Sept. 24, 2006 – Chicago foreclosure activity shot up 58 percent in August, pushing the area’s foreclosure rate to more than twice the national average and fifth highest among the nation’s 10 largest metropolitan areas, according to the RealtyTrac™ 2006 U.S. Foreclosure Market Report. The eight-county metropolitan area reported 5,888 properties entering some stage of foreclosure and a foreclosure rate of one new foreclosure filing for every 494 households.

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 650,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, The Wall Street Journal’s Real Estate Journal and Knight Ridder Online.

“Despite relatively strong job growth, the Chicago area’s housing market hasn’t yet reached a saturation point when it comes to foreclosures,” said James J. Saccacio, chief executive officer of RealtyTrac. “Cooling home price appreciation and a growing inventory of homes on the market could be making it harder for homeowners to avoid default or foreclosure. In addition, a wave of adjustable rate mortgages resets is expected to hit in the next few months and could further boost foreclosure activity.”

Chicago’s foreclosure rate was fifth highest among the nation’s 10 largest metro areas. Dallas, Atlanta, Riverside, Calif., and Houston all posted higher foreclosure rates than Chicago. Washington, New York, Los Angeles, Philadelphia and Phoenix all posted lower foreclosure rates than Chicago.

Cook County reported 4,275 properties entering some stage of foreclosure, a 41 percent increase from the previous month and a foreclosure rate of one new foreclosure filing for every 490 households. The county accounted for more than 60 percent of all the foreclosure filings reported in Illinois.

Will County continued to document the highest foreclosure rate in the metropolitan area, with one new foreclosure filing for every 309 households — more than three times the national average. The county reported 568 properties entering some stage of foreclosure, a 29 percent increase from the previous month.

Grundy County was the only county in the metropolitan area with a foreclosure rate below the national average. The county reported just two properties entering some stage of foreclosure, down from 12 properties in the previous month and a foreclosure rate of one new foreclosure filing for every 7,520 households.

Illinois reported 7,059 properties entering some stage of foreclosure in August, an increase of more than percent from the previous month and a 66 percent increase from August 2005. The state’s foreclosure rate of one new foreclosure filing for every 693 households was nearly 1.5 times the national average.

U.S. foreclosure activity increased 24 percent in August, with 115,292 properties entering some stage of foreclosure during the month — the second highest number reported in any month year to date and one new foreclosure filing for every 1,003 households.

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 re-purchased by a bank).

Chicago Area Foreclosure Market Statistics by County – Aug 2006

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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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

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