CHICAGO FORECLOSURES SECOND-HIGHEST AMONG TOP FIVE METRO AREAS ACCORDING TO REALTYTRAC™ SEPTEMBER U.S. FORECLOSURE MARKET REPORT
Chicago Foreclosure Rate Drops by 2.9 Percent; Illinois Foreclosures Down 6.5 Percent
Irvine, Calif. – October 25, 2005 – Chicago continued to post the second-highest foreclosure rate among the nation’s five largest metropolitan areas for the third month in a row despite a 2.9 percent decrease in the number of properties entering foreclosure, according to the RealtyTrac™ September 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 foreclosure data provider to MSN House & Home, Yahoo! Real Estate, AOL Real Estate and HomeGain.com.
Cook County reported 2,086 properties entering some stage of foreclosure in September, a drop of 63 properties from August and a rate of one foreclosure for every 1,005 households. But the city’s foreclosure rate was still 1.7 times the national average. Of the top five metropolitan areas, only Dallas-Fort Worth had a higher foreclosure rate than Chicago. Los Angeles, New York and Philadelphia all had lower foreclosure rates than Chicago.
“Chicago continued an interesting pattern of following a month of increased foreclosures with a drop-off,” said James J. Saccacio, RealtyTrac chief executive officer. “While Chicago foreclosures were lower in September, the metro area’s numbers didn’t decrease as much as Illinois foreclosures or U.S. foreclosures.”
Illinois foreclosures dropped 6.5 percent, with a total of 3,977 properties entering some stage of foreclosure, and the state reported one foreclosure for every 1,230 households. Although the state’s foreclosure rate was lower than Chicago’s foreclosure rate, it was still 1.4 times the national average. A total of 68,646 properties nationwide entered some stage of foreclosure in September, a 9.2 percent slide from the previous month and one foreclosure for every 1,685 households.
Several of the collar counties around Chicago also documented fewer foreclosures. Will County reported 82 properties entering some stage of foreclosure in September, a 47 percent decline from August. With one foreclosure for every 2,141 households, the county’s foreclosure rate fell below national and state averages.
Foreclosure rates in Kendall and De Kalb counties also registered below state and national averages thanks to decreases in foreclosures. Kendall County reported just four properties entering foreclosure in September, the fewest of any of the collar counties. Foreclosures in De Kalb County dropped 32 percent in September, with a total of 15 properties entering foreclosure.
In contrast, Kane County reported 146 properties entering some stage of foreclosure — a 50 percent increase. One foreclosure was reported for every 952 households in the county, boosting the foreclosure rate above state and national averages.
Du Page, Lake and McHenry counties also reported more foreclosures in September. Du Page County’s foreclosure rate stayed below state and national averages despite a 20 percent jump in foreclosures. Lake and McHenry counties both documented foreclosure rates above state and national averages.
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