CHICAGO FORECLOSURES DECREASE 10 PERCENT ACCORDING TO REALTYTRAC™ OCTOBER U.S. FORECLOSURE MARKET REPORT
Chicago Foreclosure Rate Drops to Third Highest Among Nation’s Top Five Metro Areas; Illinois Foreclosures Down 20 Percent.
Irvine, Calif. – Novemeber 28, 2005 – Chicago foreclosures decreased for the second month in a row, lowering the city’s foreclosure rate from second highest to third highest among the nation’s five largest metropolitan areas, according to the RealtyTrac™ October 2005 U.S. Foreclosure Market Report. It was the first month since June that Chicago’s foreclosure rate ranked lower than second place among the top five metros.
RealtyTrac publishes the largest national database of pre-foreclosure and foreclosure properties, with more than 550,000 properties in nearly 2,000 counties across the country, and is the foreclosure data provider to MSN House & Home, Yahoo! Real Estate, AOL Real Estate and HomeGain.com.
Cook County reported 1,871 properties entering some stage of foreclosure in October, an 11 percent decline from the previous month and a rate of one foreclosure for every 1,120 households. Although the city’s foreclosure rate stayed above state and national averages, it dropped below that of Philadelphia, which reported increasing foreclosures in October. Chicago’s foreclosure rate also stayed below the foreclosure rates in Dallas-Fort Worth. New York and Los Angeles foreclosure rates were both lower Chicago’s.
“Chicago foreclosures have dropped more than 14 percent over the last two months, which sets the region apart from most of the other major metropolitan areas,” said James J. Saccacio, RealtyTrac chief executive officer. “None of the other top five metropolitan areas reported decreases in foreclosures in both of the last two months. And Illinois foreclosures decreased significantly while U.S foreclosures in October rose to their highest level so far this year.”
Nationwide, foreclosures increased nearly 19 percent in October, with a total of 81,382 properties entering some stage of foreclosure. That was a rate of one foreclosure for every 1,422 households. Meanwhile, Illinois foreclosures decreased for the second month in a row. The state reported 3,170 properties entering some stage of foreclosure, a 20 percent drop and a rate of one foreclosure for every 1,543 households.
Most of the collar counties around Chicago reported fewer foreclosures. Kane County reported 93 properties entering some stage of foreclosure, a 36 percent decrease and the biggest percentage drop of any of the collar counties. McHenry County foreclosures decreased 28 percent in October, with a total of 66 properties entering some stage of foreclosure. De Kalb and Lake counties both registered decreases of close to 20 percent, and the foreclosure rates in both counties were below the national average. New foreclosures in Du Page County dropped just 1.4 percent, with 139 properties entering some stage of foreclosure in October.
In contrast, foreclosures in Will County more than doubled in October. The county reported 190 properties entering some stage of foreclosure, a rate of one foreclosure for every 924 households. The county’s foreclosure rate was 1.5 times the national average. Foreclosures also increased substantially in Kendall County, where 17 properties entered some stage of foreclosure in October.
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 repurchased by a bank).
Below are foreclosure market statistics nationwide and by state:
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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 550,000 properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts close to two million unique visitors monthly and is the exclusive foreclosure data supplier to MSN House & Home, Yahoo! Real Estate and HomeGain as well as the foreclosure data provider to AOL Real Estate. For more information, visit www.realtytrac.com.
Atomic Public Relations