Illinois Foreclosure Activity Decreases in First Quarter

Statewide filings up from last year; nation’s 9th highest foreclosure rate

March numbers down from a month earlier and a year ago

 

Foreclosure activity in Illinois fell 5 percent during the first quarter of 2010, but was up 17 percent from the same period last year. In all, the state reported 45,780 properties with foreclosure filings during the quarter, making it the state with the fourth highest foreclosure total in the nation. One in every 115 Illinois housing units received a foreclosure filing during the quarter, the ninth highest state foreclosure rate in the nation.

 

The level of activity was more noteworthy in March, when the state reported 14,199 properties with foreclosure filings, an 18 percent decrease from the previous month, and 8 percent below the level reported in March 2009. One in every 372 Illinois housing units received a foreclosure filing during the month, the 10th highest state foreclosure rate.

 

“After a steady increase during the previous two quarters, Illinois foreclosures fell slightly during the first quarter of 2010,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in default notices, which dropped 22 percent during the quarter. While the state’s unemployment rate still remains well above the national average, there was a surge in home sales during the final quarter of last year, which has likely driven the foreclosure numbers down a bit.”

 

California continued to lead the nation in foreclosure activity during the quarter, reporting 216,263 properties with foreclosure filings Florida was second, reporting 153,540 properties with foreclosure filings. Arizona came in third highest, documenting 55,686 properties with foreclosure filings. Michigan was a close fifth, reporting 45,732 properties with foreclosure filings for the quarter.

 

The remaining states in the nation’s top 10 for total foreclosure activity for the first quarter were Georgia (39,911), Texas (37,354), Nevada (34,557), Ohio (33,221), and Colorado (16,023). In all, the top 10 accounted for 73 percent of all foreclosure filings in the nation for the quarter.

 

Kendall County posts top foreclosure rate for the first quarter

Kendall County posted the highest county foreclosure rate in the state during the first quarter, as one in every 45 housing units received a foreclosure filing — 3.1 times the national average and 2.6 times the state average. Kane County came in second, with one in every 53 housing units receiving a foreclosure filing — 2.6 times the national average and 2.2 times the state average. With one in every 69 housing units receiving a foreclosure filing — twice the national average and 1.7 times the state average — Lake County came in third highest.

 

Cook County led state in total foreclosures for the first quarter

Cook County documented the highest county foreclosure activity in the state during the quarter, reporting 23,841 properties with foreclosure filings. Lake County was second, reporting 3,678 properties with foreclosure filings. Reporting 3,280 properties with foreclosure filings for the month, Kane County came in third. DuPage County was fourth highest, reporting 3,266 properties with foreclosure filings, followed by fifth ranked Will County, where 3,043 properties with foreclosure filings were reported for the quarter.

 

State a significant contributor to the nation’s quarterly foreclosure total

Illinois accounted for 5 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 U.S. housing units received a foreclosure filing during the quarter.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: DefaultNotice of Default (NOD) and Lis Pendens (LIS); Auction — 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). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

Illinois Top Foreclosure Rates By County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

/Natl.

Avg.

/State

Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Illinois

0

20,367

0

10,424

14,989

45,780

115

1.20

n/a

 

 

 

 

 

 

 

 

 

 

Kendall

0

399

0

146

230

775

45

3.09

2.58

Kane

0

1,266

0

1,165

849

3,280

53

2.61

2.17

Lake

0

1,775

0

886

1,017

3,678

69

2.00

1.67

McHenry

0

931

0

247

359

1,537

75

1.84

1.53

Will

0

1,751

0

604

688

3,043

76

1.82

1.51

 

 

 

Illinois Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

% Chg

Q4 2009

% Chg

Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Illinois

0

20,367

0

10,424

14,989

45,780

115

-4.62

17.49

 

 

 

 

 

 

 

 

 

 

Cook

0

9,476

0

5,696

8,669

23,841

92

-13.33

16.34

Lake

0

1,775

0

886

1,017

3,678

69

-5.06

33.16

Kane

0

1,266

0

1,165

849

3,280

53

20.10

45.39

Du Page

0

1,592

0

821

853

3,266

110

-2.51

16.02

Will

0

1,751

0

604

688

3,043

76

2.32

0.23

 

 

 

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