Foreclosure Rate More Than Twice the National Average
Illinois Foreclosures Up More Than 7 Percent
IRVINE, Calif. – Oct. 20, 2006 — Foreclosures filings in the Chicago area increased nearly 5 percent in September, keeping the foreclosure rate at more than twice the national average and second highest among the nation’s top five metropolitan areas, according to the RealtyTrac™ U.S. Foreclosure Market Report.
The eight-county metropolitan area reported 6,177 properties entering some stage of foreclosure, a foreclosure rate of one new foreclosure filing for every 471 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.
“Chicago foreclosure activity has increased more than 60 percent over the last two months, boosting the foreclosure rate to an unexpectedly elevated level, given the area’s low unemployment rate and above-average home price appreciation,” said James J. Saccacio, chief executive officer of RealtyTrac. “But adjustable rate mortgages resetting at higher rates and slowing home sales could be forcing more homeowners into default and making it harder for them to sell to avoid foreclosure.”
Chicago’s foreclosure rate ranked fourth highest among five major metropolitan areas analyzed by RealtyTrac. It was higher than the foreclosure rates in Los Angeles, Philadelphia and New York, but lower than the foreclosure rate in Dallas.
Cook County accounted for the majority of foreclosure activity in the metro area, with 4,401 properties entering some stage of foreclosure during the month. That represented an increase of nearly 3 percent from the previous month and a foreclosure rate of one new foreclosure filing for every 476 households — 2.2 times the national average.
With one new foreclosure filing for every 262 households, Will County’s foreclosure rate was nearly four times the national average and the highest foreclosure rate in the Chicago area. The county reported 669 properties entering some stage of foreclosure, an increase of more than 17 percent from the previous month.
With 369 properties entering some stage of foreclosure, foreclosure activity in Du Page County decreased nearly 11 percent in September, and the county’s foreclosure rate of one new foreclosure filing for every 910 households ranked second lowest in the metro area, above only the foreclosure rate in Grundy County.
Kane County reported 385 properties entering some stage of foreclosure, a 16 percent increase from the previous month and a foreclosure rate of one new foreclosure filing for every 361 households — 2.9 times the national average.
Illinois reported 7,431 properties entering some stage of foreclosure in September, an increase of more than 7 percent from the previous month and an 87 percent increase from September 2005. The state’s foreclosure rate of one new foreclosure filing for every 658 households was 1.6 times the national average.
A total of 112,210 properties nationwide entered some stage of foreclosure in September, a decrease of less than 1 percent from the previous month but an increase of more than 63 percent from September 2005. The nation’s foreclosure rate of one new foreclosure filing for every 1,030 households was the third highest national foreclosure rate reported 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
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/.
Order Customized Reports
Detailed and historical foreclosure data used to create the above report may bepurchased through the RealtyTrac Data Licensing Department at 949.502.8300 Ext.158. Aggregate data is available at the state, metro, county and zip codelevels dating back to 2005, and address-level foreclosure records are alsoavailable historically.
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Detailed & Historical Data:
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