CHICAGO AREA FORECLOSURES INCREASE 9 PERCENT ACCORDING TO REALTYTRAC™ MARCH U.S. FORECLOSURE MARKET REPORT
Area Reports Second Straight Month of Increasing Foreclosures and Maintains Third Highest Foreclosure Rate Among Nation’s Top Five Metros — Illinois Foreclosures Flat
Irvine, Calif. – April 18, 2006 – Chicago area foreclosures rose 9 percent in March, the second straight month the region’s foreclosure have increased, according to the RealtyTrac™ March 2006 U.S. Foreclosure Market Report. The 14-county metropolitan area reported 3,899 properties entering some stage of foreclosure and a foreclosure rate of one new foreclosure for every 888 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.
“After matching the U.S. foreclosure rate in February, the Chicago-area foreclosure rate rose above the national average in March thanks to increasing foreclosures in the region and decreasing foreclosures nationwide,” said James J. Saccacio, chief executive officer of RealtyTrac. “Despite the increase, the city maintained the median foreclosure rate among the nation’s top five metropolitan areas for the third consecutive month.”
Although Dallas-Fort Worth and Philadelphia reported fewer new foreclosures in March, both metro areas continued to post higher foreclosure rates than Chicago. And New York and Los Angeles continued to post lower foreclosure rates than Chicago even though those two metro areas reported more new foreclosures in March.
Cook County alone reported 2,421 properties entering some stage of foreclosure in March, a 23 percent increase from the previous month. The county’s foreclosure rate of one new foreclosure for every 866 households was 1.3 times the national average.
Several of the collar counties around Chicago also documented increasing foreclosures in March. Will County reported 454 properties entering some stage of foreclosure, a 30 percent increase from the previous month and a foreclosure rate of one new foreclosure for every 387 households — almost three times the national average. With 182 properties entering some stage of foreclosure, Du Page County documented a 63 percent increase in foreclosures, but the county’s foreclosure rate — one new foreclosure for every 1,844 households — stayed below the national average. Foreclosures also increased in De Kalb and Kendall counties, both of which documented foreclosure rates above the national average.
Foreclosures decreased 6 percent in Lake County, which reported 297 properties entering some stage of foreclosure, but the county’s foreclosure rate of one new foreclosure for every 761 households registered above the national average. McHenry County’s foreclosure rate — one new foreclosure for every 822 households — also registered above the national average even though new foreclosures there dropped 25 percent in March.
Illinois reported 4,592 properties entering some stage of foreclosure in March, just 23 more than the previous month, and the state’s foreclosure rate of one new foreclosure for every 1,065 households registered slightly above the national average.
Nationwide a total of 101,597 properties entered some stage of foreclosure in March, a 13 percent decrease from the previous month but a 63 percent year-over-year increase from March 2005. The U.S. documented a March foreclosure rate of one new foreclosure for every 1,138 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 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||1,573||320||0||0||528||2,421||866||23|
|De Kalb County, IL||32||1||0||0||12||45||733||105|
|Du Page County, IL||138||21||0||0||23||182||1,844||63|
|Grundy County, IL||5||0||0||0||2||7||2,149||40|
|Kane County, IL||20||42||0||0||8||70||1,986||-53|
|Kendall County, IL||25||2||0||0||2||29||673||142|
|Lake County, IL||197||36||0||0||64||297||761||-6|
|McHenry County, IL||87||7||0||0||19||113||822||-25|
|Will County, IL||299||13||0||0||142||454||387||30|
|Jasper County, IN||0||0||0||0||4||4||2,809||33|
|Lake County, IN||19||11||0||0||240||270||722||-45|
|Newton County, IN||0||0||0||0||0||0||—||—|
|Porter County, IN||2||0||0||0||1||3||19,205||—|
|Kenosha County, WI||0||0||0||0||4||4||14,997||—|
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 more than 2 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