CHICAGO FORECLOSURES DECREASE 2 PERCENT ACCORDING TO REALTYTRAC™ JANUARY U.S. FORECLOSURE MARKET REPORT
Chicago Foreclosure Rate Remains Third Highest Among Nation’s Top Five Metro Areas. Illinois Foreclosures Up 8 Percent
Irvine, Calif. – Feb. 21, 2006 – Chicago foreclosure filings dipped two percent in January, bucking a trend of rising foreclosures in other major cities and across the country, according to the RealtyTrac™ January 2006 U.S. Foreclosure Market Report. Cook County reported 2,188 properties entering some stage of foreclosure, a foreclosure rate of one foreclosure for every 958 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 and AOL Real Estate.
“After a substantial increase in December, Chicago foreclosures were basically flat in January,” said James J. Saccacio, chief executive officer of RealtyTrac. “That leaves the region’s foreclosure rate in the middle of the pack compared to other top metropolitan areas, which all reported increasing foreclosures in January.”
The 14-county Chicago metropolitan area reported 3,424 properties entering some stage of foreclosure in January, a foreclosure rate of one foreclosure for every 1,011 households. The area’s foreclosure rate was lower than foreclosure rates in the Dallas-Fort Worth and Philadelphia metropolitan areas but higher than foreclosure rates in the New York and Los Angeles metropolitan areas.
Foreclosures also decreased in several of the collar counties around Chicago. Du Page County reported 147 properties entering some stage of foreclosure, a 26 percent decrease, and Lake County reported 267 properties entering some stage of foreclosure, a three percent decrease. New foreclosures in McHenry County decreased by one property, but the county’s foreclosure rate of one foreclosure for every 800 households remained above state and national averages.
Will and Kane counties maintained foreclosure rates above state and national averages thanks to increasing foreclosures in January. Will County reported 267 properties entering some stage of foreclosure, a 65 percent increase and one foreclosure for every 657 households, and Kane County reported 183 properties entering some stage of foreclosure, a 20 percent increase and one foreclosure for every 759 households. Foreclosures also increased in De Kalb and Kendall counties, but the foreclosure rates in both counties stayed below state and national averages.
With 4,530 properties entering some stage of foreclosure in January, Illinois foreclosures increased eight percent from the previous month and less than one percent year over year. The state’s foreclosure rate of one foreclosure for every 1,080 households was slightly above the national average of one foreclosure for every 1,117 households. Nationwide, a total of 103,540 properties entered some stage of foreclosure in January, a 27 percent increase from the previous month and a 45 percent year-over-year increase.
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 foreclosed on and re-purchased by a bank).
Below are foreclosure market statistics nationwide and by state:
1 in every #households
|%Change prev. month|
|District of Columbia||1||1||0||0||5||7||39,264||-42|
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