CHICAGO FORECLOSURES DOUBLE IN MAY ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT™
City Records Highest Foreclosure Rate Among Nation’s Top Five Metro Areas State Foreclosures Increase 37 Percent
Irvine, Calif. – June 22, 2005 – Chicago’s foreclosure rate jumped to the highest among the nation’s top five metropolitan areas thanks to a 100 percent increase in the number of new foreclosures recorded in the city, according to the RealtyTrac™ May 2005 U.S. Foreclosure Market Report™. New York, Los Angeles, Philadelphia and Dallas all had lower foreclosure rates.
RealtyTrac (www.realtytrac.com) publishes the largest national database of pre-foreclosure and foreclosure properties, with more than 550,000 properties in more than 1,900 counties across the country, and is the foreclosure data provider to MSN House & Home, Yahoo! Real Estate, AOL Real Estate and HomeGain.com.
The number of new foreclosures in the Chicago area doubled, with 2,329 recorded in Cook County. That was up from 1,162 new foreclosures recorded in April, when Chicago had the second-lowest foreclosure rate among the top metropolitan areas. The increase drove the city’s foreclosure rate up to twice the national average, with one property in foreclosure for every 900 households.
“Chicago’s foreclosure rate has swung to both sides of the pendulum over the last two months,” said James J. Saccacio, chief executive officer of RealtyTrac. “We’ll watch carefully to see whether that continues or whether the rate settles into more of a consistent trend in future months.”
Chicago also contributed to a 37 percent jump in new foreclosures statewide. With 3,667 new foreclosures recorded, the state’s foreclosure rate was pushed above the national average in May.
Kane County also helped boost the state’s average with a foreclosure rate more than two times the national average. Accounting for 4.9 percent of the state’s foreclosures, the county recorded one foreclosure property for every 781 households — the highest rate among Chicago’s collar counties.
The other collar counties maintained foreclosure rates below that of Chicago, and all but McHenry County recorded foreclosure rates below the state average. For the second month in a row, Kendall County had the lowest foreclosure rate of the five collar counties with only one new property in foreclosure.
Nationwide, the number of new properties in foreclosure decreased 2.5 percent in May, with 62,432 compared to 64,057 in April. May’s foreclosure statistics closely mirrored those in March, reversing a slight increase in April and indicating continued stability in the national real estate market.
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:
|District of Columbia 5/2005||0||2||0||0||17||19||25.49|
|New Hampshire 5/2005||0||1||0||0||5||6||4.90|
|New Jersey 5/2005||1954||773||0||0||105||2832||86.27|
|New Mexico 5/2005||1032||306||0||0||71||1409||100.00|
|New York 5/2005||0||0||453||2660||181||3294||61.76|
|North Carolina 5/2005||7||30||0||0||983||1020||49.02|
|North Dakota 5/2005||0||1||0||0||13||14||15.69|
|Rhode Island 5/2005||1||2||0||0||0||3||1.96|
|South Carolina 5/2005||27||8||0||0||486||521||50.98|
|South Dakota 5/2005||0||0||0||0||5||5||8.82|
|West Virginia 5/2005||0||5||0||0||13||18||12.75|
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 AOL, MSN House & Home, Yahoo! Real Estate and HomeGain. For more information, visit www.realtytrac.com.
Atomic Public Relations