ILLINOIS FORECLOSURE ACTIVITY DOWN 2 PERCENT IN FEBRUARY

Activity Increases 62 Percent From February 2008; Rate Ranks in Top 10

 

IRVINE, Calif. – March 27, 2009 – Illinois reported 14,218 properties with foreclosure filings in February, a 2 percent decrease from the previous month, but still 62 percent above the level reported for February 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 369 Illinois housing units received a foreclosure filing during the month, the seventh highest state foreclosure rate in the nation.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Though down slightly from January, foreclosure activity remained high in Illinois in February and as compared to the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Temporary moratoriums on foreclosures have slowed the filing rate for now, but mounting unemployment within the state is now at it’s highest in more than a decade, meaning further distress is likely to come for Illinois homeowners.”

 

Although fifth highest in the nation, foreclosure activity in the Prairie State was far below national leader California with reported 80,775 properties with foreclosure filings in February, and second ranked Florida, which tallied 46,391 properties with foreclosure filings for the month. Arizona came in third highest, reporting 18,119 properties with foreclosure filings, while Nevada ranked fourth highest, documenting 15,783 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in February were Michigan, Ohio, Texas, Georgia and Virginia.

 

Five counties account for bulk of state foreclosure activity in February

Five Illinois counties accounted for 80 percent of all foreclosure activity in the state for February. Cook County led the way, reporting 7,774 properties with foreclosure filings for the month. Lake County was second highest, reporting 1,020 properties with foreclosure filings. Third highest was Du Page County, reporting 989 properties with foreclosure filings. Will County was in fourth place, documenting 945 properties with foreclosure filings. Fifth highest total was tallied in Kane County, where 696 properties with foreclosure filings were reported.

 

Kendall County post state’s top foreclosure rate for February

With one in every 125 housing units receiving a foreclosure filing — three times the state average and 3.5 times the national average — Kendall County reported the highest county foreclosure rate in the state for February. Will County came in second, with one in every 243 housing units receiving a foreclosure filing — 1.5 times the state average and 1.8 times the national average. Third highest rate was documented in Kane County, where one in every 247 housing units received a foreclosure filing during the month — 1.5 times the state average and 1.8 times the national average.

 

State a significant contributor to nation’s foreclosure total in February

Illinois accounted for 5 percent of the 290,631 properties with foreclosure filings reported nationwide in February. The national total represented a 6 percent increase in activity from the previous month and was 30 percent ahead of the total reported for February 2008. One in every 440 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice 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 filed against a property during the month — which is extremely rare — 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 Foreclosure Market Data by County – February 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

54,064

55,509

78,234

28,729

74,095

290,631

440

n/a

n/a

Illinois

0

6,882

1

4,362

2,973

14,218

369

1.19

n/a

 

 

 

 

 

 

 

 

 

 

Adams

0

2

0

0

0

2

15,161

0.03

0.02

Alexander

0

0

0

0

0

0

n/a

0.00

0.00

Bond

0

3

0

0

1

4

1,793

0.25

0.21

Boone

0

1

0

11

63

75

248

1.77

1.49

Brown

0

0

0

0

0

0

 n/a

0.00

0.00

Bureau

0

0

0

2

1

3

5,190

0.08

0.07

Calhoun

0

0

0

0

0

0

 n/a

0.00

0.00

Carroll

0

2

0

0

0

2

4,152

0.11

0.09

Cass

0

3

0

0

2

5

1,191

0.37

0.31

Champaign

0

26

0

27

11

64

1,311

0.34

0.28

Christian

0

6

1

0

0

7

2,198

0.20

0.17

Clark

0

0

0

0

1

1

8,060

0.05

0.05

Clay

0

0

0

0

0

0

 n/a

0.00

0.00

Clinton

0

3

0

0

4

7

2,148

0.20

0.17

Coles

0

17

0

4

5

26

898

0.49

0.41

Cook

0

3,439

0

2,652

1,683

7,774

279

1.57

1.32

Crawford

0

0

0

0

0

0

 n/a

0.00

0.00

Cumberland

0

0

0

0

0

0

 n/a

0.00

0.00

De Kalb

0

61

0

25

30

116

333

1.32

1.11

Dewitt

0

0

0

0

0

0

 n/a

0.00

0.00

Douglas

0

0

0

0

2

2

4,158

0.11

0.09

Du Page

0

445

0

352

192

989

363

1.21

1.02

Edgar

0

0

0

0

0

0

 n/a

0.00

0.00

Edwards

0

0

0

0

0

0

 n/a

0.00

0.00

Effingham

0

1

0

3

0

4

3,643

0.12

0.10

Fayette

0

0

0

0

1

1

9,290

0.05

0.04

Ford

0

0

0

0

1

1

6,244

0.07

0.06

Franklin

0

3

0

1

0

4

4,598

0.10

0.08

Fulton

0

2

0

5

0

7

2,354

0.19

0.16

Gallatin

0

0

0

0

0

0

 n/a

0.00

0.00

Greene

0

0

0

1

0

1

6,514

0.07

0.06

Grundy

0

21

0

0

1

22

834

0.53

0.44

Hamilton

0

0

0

0

0

0

 n/a

0.00

0.00

Hancock

0

0

0

1

0

1

9,201

0.05

0.04

Hardin

0

0

0

0

0

0

 n/a

0.00

0.00

Henderson

0

1

0

0

0

1

4,268

0.10

0.09

Henry

0

6

0

1

0

7

3,102

0.14

0.12

Iroquois

0

1

0

3

1

5

2,728

0.16

0.14

Jackson

0

4

0

1

0

5

5,670

0.08

0.07

Jasper

0

0

0

0

0

0

 n/a

0.00

0.00

Jefferson

0

4

0

5

3

12

1,460

0.30

0.25

Jersey

0

1

0

1

0

2

4,897

0.09

0.08

Jo Daviess

0

0

0

1

1

2

6,575

0.07

0.06

Johnson

0

0

0

0

0

0

 n/a

0.00

0.00

Kane

0

386

0

215

95

696

247

1.78

1.49

Kankakee

0

0

0

5

2

7

6,308

0.07

0.06

Kendall

0

136

0

66

65

267

125

3.52

2.95

Knox

0

4

0

2

26

32

749

0.59

0.49

La Salle

0

27

0

8

12

47

1,048

0.42

0.35

Lake

0

570

0

299

151

1,020

248

1.78

1.49

Lawrence

0

2

0

0

0

2

3,573

0.12

0.10

Lee

0

0

0

4

0

4

3,697

0.12

0.10

Livingston

0

1

0

0

0

1

15,663

0.03

0.02

Logan

0

4

0

7

3

14

859

0.51

0.43

Macon

0

68

0

19

12

99

526

0.84

0.70

Macoupin

0

3

0

11

1

15

1,473

0.30

0.25

Madison

0

143

0

5

54

202

580

0.76

0.64

Marion

0

1

0

0

2

3

6,136

0.07

0.06

Marshall

0

0

0

0

0

0

 n/a

0.00

0.00

Mason

0

0

0

0

1

1

7,095

0.06

0.05

Massac

0

2

0

0

0

2

3,590

0.12

0.10

McDonough

0

0

0

1

0

1

14,301

0.03

0.03

McHenry

0

274

0

101

84

459

249

1.76

1.48

McLean

0

44

0

8

56

108

629

0.70

0.59

Menard

0

0

0

0

1

1

5,682

0.08

0.06

Mercer

0

1

0

0

1

2

3,659

0.12

0.10

Monroe

0

9

0

2

5

16

799

0.55

0.46

Montgomery

0

3

0

3

0

6

2,113

0.21

0.17

Morgan

0

0

0

0

1

1

15,649

0.03

0.02

Moultrie

0

0

0

0

0

0

 n/a

0.00

0.00

Ogle

0

20

0

0

9

29

759

0.58

0.49

Peoria

0

82

0

6

35

123

669

0.66

0.55

Perry

0

0

0

0

1

1

9,741

0.05

0.04

Piatt

0

0

0

0

0

0

 n/a

0.00

0.00

Pike

0

0

0

0

0

0

 n/a

0.00

0.00

Pope

0

0

0

0

0

0

 n/a

0.00

0.00

Pulaski

0

0

0

0

0

0

 n/a

0.00

0.00

Putnam

0

0

0

0

0

0

 n/a

0.00

0.00

Randolph

0

3

0

0

5

8

1,712

0.26

0.22

Richland

0

0

0

0

0

0

 n/a

0.00

0.00

Rock Island

0

54

0

17

16

87

752

0.58

0.49

Saint Clair

0

117

0

27

77

221

518

0.85

0.71

Saline

0

1

0

3

0

4

3,196

0.14

0.12

Sangamon

0

58

0

4

10

72

1,257

0.35

0.29

Schuyler

0

0

0

0

0

0

 n/a

0.00

0.00

Scott

0

0

0

0

0

0

 n/a

0.00

0.00

Shelby

0

0

0

0

0

0

 n/a

0.00

0.00

Stark

0

0

0

1

0

1

2,809

0.16

0.13

Stephenson

0

1

0

2

0

3

7,393

0.06

0.05

Tazewell

0

47

0

4

3

54

1,046

0.42

0.35

Union

0

1

0

0

1

2

4,059

0.11

0.09

Vermilion

0

47

0

15

13

75

490

0.90

0.75

Wabash

0

1

0

3

0

4

1,467

0.30

0.25

Warren

0

1

0

3

0

4

1,967

0.22

0.19

Washington

0

0

0

1

1

2

3,362

0.13

0.11

Wayne

0

0

0

0

0

0

 n/a

0.00

0.00

White

0

0

0

0

0

0

 n/a

0.00

0.00

Whiteside

0

2

0

22

2

26

984

0.45

0.37

Will

0

494

0

305

146

945

243

1.81

1.52

Williamson

0

20

0

2

1

23

1,287

0.34

0.29

Winnebago

0

193

0

95

76

364

343

1.28

1.08

Woodford

0

10

0

0

2

12

1,242

0.35

0.30

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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