CHICAGO FORECLOSURES INCREASE 45 PERCENT IN DECEMBER ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT
Chicago Foreclosure Rate Now Third Highest of Nation’s Top Five Metro Areas Illinois Foreclosures Up 38 Percent
Irvine, Calif. – January 12, 2006 – Chicago foreclosures increased 45 percent in December, raising the city’s foreclosure rate to its highest level since May and ending a three-month stretch of declining foreclosures, according to the RealtyTrac™ December 2005 U.S. Foreclosure Market Report.
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.
“Midwest foreclosure rates went up significantly in December, and both Illinois and Chicago foreclosures were part of this increase,” said James J. Saccacio, chief executive officer of RealtyTrac. “After three consecutive months of lower foreclosures, even the large upswing in December foreclosures only puts Chicago in the middle of the pack compared to other large metropolitan areas. But the increased number of Chicago foreclosures bears watching in January to see if a new trend is developing.”
Cook County reported 2,239 properties entering some stage of foreclosure in December, a foreclosure rate of one foreclosure for every 936 households — 1.5 times the national average and the third highest foreclosure rate among the nation’s five largest metropolitan areas. Chicago’s foreclosure rate was higher than foreclosure rates in Los Angeles and New York, but lower than foreclosure rates in Philadelphia and Dallas-Fort Worth.
Illinois reported 4,176 properties entering some stage of foreclosure in December, a 38 percent increase from the previous month and a foreclosure rate of one foreclosure for every 1,171 households — 1.2 times the national average.
Kendall County was the only collar county around Chicago to report decreasing foreclosures in December. With only three properties entering some stage of foreclosure, the county’s foreclosure rate registered well below state and national averages.
Foreclosure rates in Du Page and De Kalb counties stayed below state and national averages despite increasing foreclosures in both counties. Du Page County reported 199 properties entering some stage of foreclosure, one foreclosure for every 1,687 households, and De Kalb County reported 17 properties entering some stage of foreclosure, one foreclosure for every 1,940 households.
Foreclosures increased in Lake, Will, Kane and McHenry counties, all of which documented foreclosure rates above state and national averages. With 276 properties entering some stage of foreclosure in December, Lake County recorded the highest foreclosure rate among the collar counties — one foreclosure for every 819 households. Will County reported 162 properties entering some stage of foreclosure, a 2 percent increase from the previous month. Kane County reported 153 properties entering some stage of foreclosure, a 50 percent increase, and McHenry County reported 117 properties entering some stage of foreclosure, a 38 percent increase.
Nationwide, 81,290 properties entered some stage of foreclosure in December, a 13.5 percent increase from the previous month and a foreclosure rate of one new foreclosure for every 1,422 U.S. households. December’s national foreclosure rate was the highest reported in 2005, matching the national foreclosure rate reported 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