Illinois Foreclosure Activity Down in May

Statewide foreclosure filings down 20 percent from April; Rate ranks 5th

 

Foreclosure activity in Illinois fell 20 percent in May to 15,061 properties with foreclosure filings but rose 38 percent from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state’s foreclosure rate was the nation’s eighth highest, as one in every 350 Illinois housing units received a foreclosure filing during the month.

 

Illinois foreclosures decreased in May,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest drop was in auctions, which fell 35 percent for the month. The state’s unemployment rate is still more than one percent above the national average but has been declining recently. If this trend continues and home sales begin to pick up, we may see more declines here in the coming months.”

 

California continued to lead the nation in total foreclosures with 72,030 properties with foreclosure filings. Florida remained secure in second place, reporting 50,685 properties with foreclosure filings, followed by third place Michigan, documenting 20,322 properties with foreclosure filings for the month. Arizona moved up to fourth highest, reporting 16,097 properties with foreclosure filings. Illinois dropped one spot to fifth highest state total, tallying 15,061 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure activity in May were Nevada (14,346), Georgia (13,778), Texas (11,137), Ohio (10,379) and New Jersey (7,993). In all, the top 10 accounted for 72 percent of all foreclosure filings in the nation for May.

 

Kendall County dominates foreclosure rate in May

Kendall County posted the highest foreclosure rate in Illinois for May, with one in every 124 housing units receiving a foreclosure filing — 3.2 times the national average. Kane County came in second, with one in every 172 housing units receiving a foreclosure filing — 2.3 times the national average. Will County had the third highest foreclosure rate, with one in every 208 housing units receiving a foreclosure filing — 1.9 times the national average. Lake County documented the fourth highest foreclosure rate, with one in every 222 housing units receiving a foreclosure filing — 1.8 times the national average.

 

Cook County tops in foreclosure total for May

Cook County came out on top, reporting 7,681 properties with foreclosure filings for the month. Du Page County followed in second, documenting 1,407 properties with foreclosure filings. Reporting 1,146 properties with foreclosure filings for the month, Lake County reported the third highest ranking. Will County was fourth highest, reporting 1,114 properties with foreclosure filings.

 

State the fifth largest contributor to nation’s monthly foreclosure total in May

Illinois accounted for 5 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 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 – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

Illinois

0

7,692

0

3,276

4,093

15,061

350

1.14

n/a

 

 

 

 

 

 

 

 

 

 

Kendall

0

134

0

67

79

280

124

3.23

2.83

Kane

0

453

0

311

252

1,016

172

2.33

2.04

Will

0

565

0

298

251

1,114

208

1.92

1.68

Lake

0

642

0

146

358

1,146

222

1.80

1.58

McHenry

0

281

0

99

116

496

233

1.71

1.50

 

 

Illinois Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

Illinois

0

7,962

0

3,276

4,093

15,061

350

-20.19

37.64

 

 

 

 

 

 

 

 

 

 

Cook

0

3,748

0

1,750

2,183

7,681

284

-17.34

9.73

Du Page

0

786

0

339

282

1,407

256

-14.36

161.04

Lake

0

642

0

146

358

1,146

222

-25.15

89.42

Will

0

565

0

298

251

1,114

208

-20.03

131.12

Kane

0

453

0

311

252

1,016

172

-26.85

154.00

 

 

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