CHICAGO FORECLOSURES DROP 28 PERCENT IN JUNE ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT
City Foreclosure Rate Third Among Nation’s Five Largest Metro Areas; Foreclosures Jump in Most Collar Counties
Real Estate Connect™ San Francisco, Calif. – July 27, 2005 – Chicago’s foreclosure rate dropped from the highest ranking among the nation’s top five metropolitan areas to the third highest in June, according to the RealtyTrac 2005 U.S. Foreclosure Market Report™.
RealtyTrac (www.realtytrac.com) 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 exclusive foreclosure data provider to MSN House & Home, Yahoo! Real Estate, AOL Real Estate and HomeGain.com.
The number of properties entering foreclosure scaled back by 639 — from 2,329 in May to 1,690 in June. That lowered the city’s foreclosure rate to one foreclosure for every 1,240 households — below the rates in Philadelphia and Dallas-Fort Worth, but higher than Los Angeles and New York City.
“Chicago’s foreclosure rate has swung from lowest to highest in comparison to other major cities over the past two months, but this month’s middle-of-the-road numbers may provide the most accurate portrayal of the city’s foreclosure situation,” said James J. Saccacio, RealtyTrac chief executive officer.
Chicago documented a foreclosure rate 1.4 times the national average and 1.2 times the average for Illinois, which reported one foreclosure for 1,437 households. Illinois foreclosures decreased 7 percent in June.
In contrast, most of the collar counties around Chicago experienced a spike in the number of properties entering foreclosure: Will County recorded 272 new foreclosures, an increase of 150 percent; Du Page County recorded 141 new foreclosures, an increase of 33 percent; and Lake County recorded 173 new foreclosures, an increase of 8 percent.
With a 39 percent drop in new foreclosures, Kane County was the only collar county with fewer foreclosures in June. But Kane County’s foreclosure rate was still above the state average, as were the rates in all the collar counties except for Du Page and De Kalb counties. Both of those counties had foreclosure rates less than two-thirds of the state average.
The number of properties entering foreclosure nationwide increased to 67,024 in June compared to 62,432 in May. That was the highest number of new foreclosures reported in any one month in 2005, and caused a 7.4 percent increase in the nation’s foreclosure rate, with one new foreclosure for every 1,726 households.
RealtyTrac’s June report also includes previously unreported foreclosure data from 73 additional counties, although the new data is not used for the month-to-month comparisons. The new data showed 175 additional foreclosure properties in the Chicago area, but did not change the ranking of the city’s foreclosure rate in comparison to the top five metropolitan areas. Nationwide, the new data included 8,417 properties entering foreclosure in June, bringing the nationwide total to 75,441.
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 6/2005||0||4||0||0||28||32||29.41|
|New Hampshire 6/2005||0||7||0||0||6||13||9.80|
|New Jersey 6/2005||1699||1400||0||0||97||3196||89.22|
|New Mexico 6/2005||270||24||0||0||76||370||64.71|
|New York 6/2005||0||0||622||2223||69||2914||51.96|
|North Carolina 6/2005||19||207||0||0||1233||1459||56.86|
|North Dakota 6/2005||0||2||0||0||17||19||12.75|
|Rhode Island 6/2005||1||5||0||0||0||6||5.88|
|South Carolina 6/2005||55||73||0||0||532||660||51.96|
|South Dakota 6/2005||0||2||0||0||2||4||5.88|
|West Virginia 6/2005||0||41||0||0||21||62||15.69|
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