CHICAGO FORECLOSURES UP 14 PERCENT ACCORDING TO REALTYTRAC™ AUGUST U.S. FORECLOSURE MARKET REPORT
Chicago Foreclosure Rate Remains Second-Highest Among Nation’s Top Five Metro Areas; Illinois Foreclosure Rates Inch Higher
Irvine, Calif. – October 3, 2005 – With more than 2,100 properties entering some stage of foreclosure in August, Chicago reported increasing foreclosures for the second consecutive month, and the city’s foreclosure rate remained second highest among the nation’s five largest metropolitan areas, according to the RealtyTrac™ August 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.
Cook County reported 2,149 foreclosures in August, an increase of 14 percent from July and one foreclosure for every 975 properties. Of the top-five metropolitan areas, only Dallas-Fort Worth documented a higher foreclosure rate than Chicago. Los Angeles, New York and Philadelphia all had lower foreclosure rates, although foreclosures increased in those cities also.
“While foreclosures nationwide dipped slightly in August, Chicago and several other major metropolitan areas reported more foreclosures,” said James J. Saccacio, RealtyTrac chief executive officer. “If foreclosures continue to increase in major metropolitan areas, it could be a signal that more homeowners in those typically high-priced areas are reaching the ceiling of what they can afford.”
Chicago’s foreclosure rate was 1.6 times the national average and just slightly above the state average of one foreclosure for every 1,150 properties. Illinois reported a total of 4,251 properties entering some stage of foreclosure or foreclosed on, the fifth most foreclosures reported by any state and a 2.7 percent increase from July.
While foreclosures in Cook County increased, most of the collar counties around Chicago reported the same number or fewer foreclosures. De Kalb and Lake counties reported exactly the same number of foreclosures in August as in July, with 22 and 173 respectively. Both counties documented foreclosure rates below the state average.
Foreclosure numbers dropped in Du Page, Will and Kane counties. Foreclosures in Du Page County declined 16 percent, and the county recorded one foreclosure for every 2,869 households – less than half the state average. Will County reported 155 foreclosures, a 23 percent decrease and one foreclosure for every 1,132 households. With 73 foreclosures reported, Kane County maintained a foreclosure rate below state and national averages.
Kendall and McHenry counties both registered foreclosure rates above state and national averages thanks to increases in the number of foreclosure properties reported in August. Kendall County reported only 27 foreclosures, but that was one for every 723 households. With 85 foreclosures, McHenry County documented one foreclosure for every 1,093 households.
Foreclosures nationwide dropped 4.3 percent in August after two consecutive months of increases. Still, August’s foreclosure numbers were higher than any other month except for July. A total of 75,599 properties entered some stage of foreclosure or were foreclosed on – one for every 1,530 households.
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 8/2005||0||0||0||0||12||12||17.65|
|New Hampshire 8/2005||1||0||0||0||22||23||15.69|
|New Jersey 8/2005||613||794||0||0||131||1538||60.78|
|New Mexico 8/2005||878||4||0||0||46||928||90.20|
|New York 8/2005||0||0||606||2683||135||3424||58.82|
|North Carolina 8/2005||130||81||0||0||898||1109||50.98|
|North Dakota 8/2005||0||1||0||0||4||5||7.84|
|Rhode Island 8/2005||0||1||0||0||0||1||1.96|
|South Carolina 8/2005||41||12||0||0||305||358||45.10|
|South Dakota 8/2005||1||15||0||0||4||20||25.49|
|West Virginia 8/2005||0||71||0||0||3||74||29.41|
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