CHICAGO AREA FORECLOSURES INCREASE FIVE PERCENT ACCORDING TO REALTYTRAC™ FEBRUARY U.S. FORECLOSURE MARKET REPORT
Increases in Several Collar Counties Offset Drop in Cook County. Area Maintains Third Highest Foreclosure Rate Among Five Largest Metros
Irvine, Calif. – March 22, 2006 – Chicago metro area foreclosures rose five percent in February despite a 10 percent drop in Cook County, according to the RealtyTrac™ February 2006 U.S. Foreclosure Market Report. The 14-county metropolitan area reported 3,590 properties entering some stage of foreclosure and a foreclosure rate of one new foreclosure for every 964 households.
RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with more than 600,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, AOL Real Estate and Knight Ridder Online.
“Of the nation’s top five metros, Chicago was the only one that reported increasing foreclosures in February,” said James J. Saccacio, chief executive officer of RealtyTrac. “Even so, the area’s foreclosure rate remains in the middle of the pack compared to the other top metro areas and just slightly above the national average.”
For the second consecutive month Chicago’s foreclosure rate stayed lower than foreclosure rates in Dallas-Fort Worth and Philadelphia but higher than foreclosure rates in New York and Los Angeles. The region’s foreclosure rate inched closer to the U.S. average of one new foreclosure for every 986 households thanks to foreclosures increasing at a faster pace nationwide. A total of 117,259 U.S. properties entered some stage of foreclosure in February, 13 percent increase from the previous month and a 68 percent increase from February 2005.
Cook County reported 1,972 properties entering some stage of foreclosure in February, a 10 percent decrease from the previous month. The county’s foreclosure rate — one new foreclosure for every 1,062 households — dropped below the national average.
Several other counties in the Chicago metropolitan area also reported fewer foreclosures in February. Du Page County reported 112 properties entering some stage of foreclosure, a 24 percent decrease from the previous month, and Kane County reported 148 properties entering some stage of foreclosure, a 19 percent decrease from the previous month.
Those decreases were countered by increases elsewhere in the region. Will County reported 350 properties entering some stage of foreclosure, a 31 percent increase and one new foreclosure for every 501 households — twice the national average. McHenry County reported 150 properties entering some stage of foreclosure, a 29 percent increase and one new foreclosure for every 619 households. Lake County reported 316 properties entering some stage of foreclosure, an 18 percent increase and one new foreclosure for every 714 households.
With one new foreclosure for every 1,070 households, Illinois notched a foreclosure rate just below the national average in February. The state reported 4,569 properties entering some stage of foreclosure, a 1 percent increase from the previous month and a 77 percent increase from February 2005.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides 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 foreclosed on and repurchased by a bank).
Below are foreclosure market statistics nationwide and by state:
1 in every #households
|%Change prev. month|
|District of Columbia||0||2||0||0||5||7||39,264||0|
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 600,000 properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts more than 2 million unique visitors monthly and has been chosen to supply foreclosure data to AOL Real Estate, MSN Real Estate and Yahoo! Real Estate. For more information, visit www.realtytrac.com.
Atomic Public Relations