CHICAGO FORECLOSURES BUCK NATIONAL TREND

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:

State Name NODs NTSs NFSs LISs REOs Total

1 in every #households

%Change prev. month
US 1/2006 20,822 36,849 3,358 10,212 32,299 103,540 1117 27
Alabama 6 61 0 0 35 102 19,249 28
Alaska 12 63 0 0 22 97 2,115 -2
Arizona 83 1,816 0 0 121 2,020 1,084 -14
Arkansas 28 864 0 0 441 1,333 880 39
California 7,121 1,907 0 0 326 9,354 1,306 22
Colorado 1,561 156 0 0 2,030 3,747 488 196
Connecticut 35 11 0 0 49 95 14,585 -91
Delaware 20 4 0 0 12 36 9,530 140
District of Columbia 1 1 0 0 5 7 39,264 -42
Florida 152 0 1,414 7,957 811 10,334 707 28
Georgia 27 4,617 0 0 2,698 7,342 422 144
Hawaii 12 22 0 0 0 34 13,545 -45
Idaho 54 102 0 0 111 267 1,969 23
Illinois 2,548 111 0 0 1,871 4,530 1,080 8
Indiana 1,056 764 0 0 2,599 4,419 571 30
Iowa 96 12 0 0 274 382 3,227 15
Kansas 26 25 0 0 191 242 4,661 -15
Kentucky 349 39 0 0 223 611 2,865 65
Louisiana 69 10 0 0 44 123 15,310 21
Maine 12 2 0 0 8 22 29,631 267
Maryland 12 545 0 0 26 583 3,675 57
Massachusetts 30 20 0 0 8 58 45,207 -88
Michigan 79 834 0 0 3,759 4,672 904 5
Minnesota 11 47 0 0 141 199 10,392 -15
Mississippi 12 39 0 0 17 68 18,659 -7
Missouri 20 202 0 0 1,030 1,252 1,947 25
Montana 7 65 0 0 13 85 4,848 12
Nebraska 143 19 0 0 203 365 1,969 61
Nevada 790 923 0 0 82 1,795 483 60
New Hampshire 2 6 0 0 5 13 42,079 86
New Jersey 2,356 853 0 0 265 3,474 953 30
New Mexico 404 196 0 0 70 670 1,165 -1
New York 190 0 1,944 2,255 816 5,205 1,475 16
North Carolina 327 117 0 0 1,952 2,396 1,469 60
North Dakota 5 1 0 0 28 34 8,520 467
Ohio 567 3,291 0 0 4,410 8,268 578 22
Oklahoma 456 702 0 0 557 1,715 871 5
Oregon 193 312 0 0 200 705 2,065 38
Pennsylvania 949 2,177 0 0 1,064 4,190 1,253 27
Rhode Island 0 2 0 0 1 3 146,612 50
South Carolina 151 73 0 1 593 817 2,145 47
South Dakota 3 14 0 0 14 31 10,426 182
Tennessee 14 1,940 0 0 1,715 3,669 668 85
Texas 104 11,949 0 0 2,616 14,669 549 15
Utah 567 567 0 0 208 936 821 7
Vermont 7 1 0 0 6 14 21,027 133
Virginia 3 369 0 0 113 485 5,951 31
Washington 42 1,169 0 0 336 1,547 1,546 38
West Virginia 0 79 0 0 15 94 8,985 -20
Wisconsin 108 154 0 0 136 398 5,786 -5
Wyoming 0 2 0 0 11 13 17,220 -13

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.

###

Media Contact:
Michelle Sabolich
Atomic Public Relations
415-402-0230
michelle.sabolich@atomicpr.com

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved