CHICAGO AREA FORECLOSURES INCREASE FOR THIRD STRAIGHT MONTH ACCORDING TO REALTYTRAC™ APRIL U.S. FORECLOSURE MARKET REPORT
Foreclosures Increase 57 Percent in April, Pushing Foreclosure Rate to Second Highest Among Nation’s Top Five Metros
Illinois Foreclosures Up 40 Percent
Irvine, Calif. – May 16, 2006 – Chicago area foreclosure activity spiked 57 percent in April, the third straight month the region’s foreclosure numbers have increased, according to the RealtyTrac™ April 2006 U.S. Foreclosure Market Report. The 14-county metropolitan area reported 6,102 properties entering some stage of foreclosure and a foreclosure rate of one foreclosure filing for every 567 households.
RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with more than 600,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, AOL Real Estate and Knight Ridder Online.
“Part of last month’s increase may be due to improvements we’ve made to our data collection methods in the Chicago area. But it’s apparent that the higher numbers in April reflect a substantial upsurge in the area’s foreclosures,” said James J. Saccacio, chief executive officer of RealtyTrac. “This has raised the area’s foreclosure rate to more than twice the national average and second highest among the nation’s top five metro areas.”
Chicago’s April foreclosure rate was higher than the foreclosure rates in Philadelphia, Los Angeles and New York, all of which reported decreasing foreclosure activity, but lower than the foreclosure rate in Dallas-Fort Worth, which reported increasing foreclosure activity.
Cook County alone reported 4,008 properties entering some stage of foreclosure in April, a 66 percent increase from the previous month and a foreclosure rate of one foreclosure filing for every 523 households — 2.4 times the national average.
All of the collar counties around Chicago reported increasing foreclosure activity and foreclosure rates above the national average in April. Will County led the way with 633 properties entering some stage of foreclosure, a 39 percent increase from the previous month and a foreclosure rate of one foreclosure filing for every 277 households — highest among the collar counties and more than four times the national average.
Du Page County posted the lowest foreclosure rate among the collar counties despite a 59 percent increase in foreclosure filings. With a total of 289 properties entering some stage of foreclosure in April, the county documented a foreclosure rate of one foreclosure filing for every 1,161 households.
Illinois reported 6,451 properties entering some stage of foreclosure in April, a 40 percent increase from the previous month and nearly twice the number reported in April 2005. The state’s April foreclosure rate of one foreclosure filing for every 758 households was 1.7 times the national average.
Nationwide a total of 91,168 properties entered some stage of foreclosure in April, a 10 percent decrease from the previous month but a 33 percent year-over-year increase from April 2005. April marked the second straight month of decreasing U.S foreclosure activity, but the nation’s April foreclosure rate of one foreclosure filing for every 1,268 households was still higher than in any month in 2005.
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 foreclosed on and repurchased by a bank).
Below are foreclosure market statistics nationwide and by state:
1 in every #households
|%Change prev. month|
|Cook County, IL||2,415||1,021||0||0||572||4,008||523||66|
|De Kalb County, IL||41||12||0||0||3||56||589||24|
|Du Page County, IL||172||94||0||0||23||289||1,161||59|
|Grundy County, IL||8||0||0||0||4||12||1,253||71|
|Kane County, IL||111||49||0||0||10||170||818||143|
|Kendall County, IL||27||18||0||0||0||45||434||55|
|Lake County, IL||234||65||0||0||74||373||606||26|
|McHenry County, IL||123||32||0||0||24||179||519||58|
|Will County, IL||404||138||0||0||91||633||277||39|
|Jasper County, IN||0||0||0||0||4||4||2,809||0|
|Lake County, IN||12||253||0||0||53||318||613||18|
|Newton County, IN||0||1||0||0||0||1||5,726||—|
|Porter County, IN||1||7||0||0||5||13||4,432||333|
|Kenosha County, WI||0||0||0||0||1||1||59,989||-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 600,000 properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts close to 3 million unique visitors monthly and has been chosen to supply foreclosure data to AOL Real Estate, MSN Real Estate and Yahoo! Real Estate. For more information, visit www.realtytrac.com.
Atomic Public Relations