Illinois Foreclosure Activity Down in February

Statewide filings decrease 5 percent from January; rate #8 nationally

 

Foreclosure activity in Illinois decreased in February to 17,312 properties with foreclosure filings, down 4 percent from the previous month, but still 22 percent above the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 305 Illinois housing units received a foreclosure filing in February, the eighth highest rate in the nation.

 

“Illinois welcomed a decline in foreclosure activity in February, though it remained well above the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “With unemployment now at 11.3 percent — the state’s highest level since 1983 — Illinois continues to struggle economically and ranks among the top 10 worst affected states in terms of foreclosures.”

 

California held on to the top position in foreclosure filings, reporting 68,562 properties with foreclosure filings. Florida maintained number two status nationally in February, reporting 54,032 properties with foreclosure filings for the month. Michigan took over third place, documenting 20,028 properties with foreclosure filings. At 16,718 properties with foreclosure filings, Arizona fell to fifth place for the month.

 

The remaining states in the nation’s top 10 for total foreclosure activity in February were Texas (12,638), Georgia (12,177), Ohio (11,286), Nevada (11,035) and Maryland (5,732). In all, the top 10 accounted for 74 percent of all foreclosure filings in the nation for February.

 

Kane County posts top foreclosure rate in the state for February

Kane County posted the state’s highest county foreclosure rate in February, with one in every 159 housing units receiving a foreclosure filing — 2.6 times the national average. Kendall County was second, with one in every 166 housing units receiving a foreclosure filing — 2.5 times the national average. Will County came in third highest, with one in every 191 housing units receiving a foreclosure filing — 2.2 times the national average.

 

Cook County led the state in total foreclosures in February

Cook County led the way, totaling 9,743 properties with foreclosure filings for the month. Lake County was second, documenting 1,264 properties with foreclosure filings. Du Page County ranked third highest, reporting 1,253 properties with foreclosure filings for the month. Will County came in fourth place, reporting 1,215 properties with foreclosure filings, while the fifth highest total was in Kane County, where 1,094 properties with foreclosure filings were reported for the month.

 

State a major contributor to nation’s month foreclosure total

Illinois represented the fourth largest portion of the nation’s foreclosure activity, accounting for 6 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 U.S. housing units received a foreclosure filing during the month.

 

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: 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 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 – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

Illinois

0

6,261

0

6,454

4,597

17,312

305

1.37

n/a

 

 

 

 

 

 

 

 

 

 

Kane

0

379

0

438

277

1,094

159

2.63

1.91

Kendall

0

92

0

64

53

209

166

2.52

1.84

Will

0

594

0

357

264

1,215

191

2.19

1.60

Lake

0

588

0

359

317

1,264

201

2.08

1.51

McHenry

0

309

0

122

116

547

212

1.98

1.44

 

 

Illinois Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 10

% Chg Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

Illinois

0

6,261

0

6,454

4,597

17,312

305

-4.46

21.76

 

 

 

 

 

 

 

 

 

 

Cook

0

2,704

0

4,426

2,613

9,743

224

-3.93

25.33

Lake

0

588

0

359

317

1,264

201

-9.52

23.92

Du Page

0

560

0

424

269

1,253

287

19.33

26.69

Will

0

594

0

357

264

1,215

191

13.87

28.57

Kane

0

379

0

438

277

1,094

159

-18.24

57.18

 

 

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