Illinois Foreclosure Activity Down in November

Statewide filings down 18 from previous month; rate ranks #7 nationally

 

Illinois foreclosure activity fell in November to 16,422 properties with foreclosure filings, down 18 percent from the previous month, but still 108 percent ahead of the level reported in November 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. With one in every 319 Illinois housing units receiving a foreclosure filing in November, the state’s foreclosure rate ranked seventh highest in the nation.

 

“Foreclosure activity in Illinois dropped in November but remained well ahead of last year at this time,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in default notices, which were down 33 percent for the month. While unemployment is still above the national average, home sales throughout the state rose significantly during the third quarter. If this keeps up, we may see foreclosures continue to decline.”

 

California held on to its substantial lead in total foreclosure activity with 73,995 properties with foreclosure filings. Florida came in second once again, reporting 52,935 properties with foreclosure filings in November. Illinois maintained its third place ranking, while Michigan had the fourth highest total, documenting 15,988 properties with foreclosure filings. Arizona took over fifth place, reporting 14,349 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure filings in November were Texas (12,098), Ohio (10,587), Georgia (9,664), Nevada (9,295) and New Jersey (9,227). Activity in the top five states accounted for 57 percent of all foreclosure filings in the nation for November.

 

Kendall County posts state’s highest foreclosure rate in November

With one in every 148 housing units receiving a foreclosure filing — 2.8 times the national average and 2.2 times the state average — Kendall County posted the highest county foreclosure rate in the state for November. Kane County had the second highest rate, with one in every 154 housing units receiving a foreclosure filing — 2.7 times the national average and 2.1 times the state average. Lake County came in third highest, with one in every 169 housing units receiving a foreclosure filing — 2.5 times the national average and 1.9 times the state average.

 

Five counties responsible for bulk of state’s foreclosure total in November

Five counties accounted for 84 percent of all foreclosure activity in the state during November. Cook County led all counties, totaling 9,130 properties with foreclosure filings for the month. Lake County was second highest once again, documenting 1,492 properties with foreclosure filings. Reporting 1,116 properties with foreclosure filings for the month, Kane County had the third highest total in the state. Will County was fourth highest, reporting 1,049 properties with foreclosure filings, while Du Page County was close behind, reporting 1046 properties with foreclosure filings for the month.

 

State a major contributor to nation’s foreclosure total in November

Illinois accounted for 5 percent of the 306,627 properties with foreclosure filings reported nationwide in November. Total U.S. activity declined nearly 8 percent from the previous month but was still 18 percent ahead of November 2008. One in every 417 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: 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 – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

n/a

n/a

Illinois

0

8,524

0

2,840

5,058

16,422

319

1.31

n/a

 

 

 

 

 

 

 

 

 

 

Kendall

0

129

0

38

59

226

148

2.82

2.16

Kane

0

553

0

254

309

1,116

154

2.70

2.07

Lake

0

653

0

420

419

1,492

169

2.46

1.89

McHenry

0

312

0

66

194

572

200

2.08

1.60

Will

0

523

0

175

351

1,049

219

1.91

1.46

 

 

Illinois Top Foreclosure Totals by County – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 09

% Chg Nov 08

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

-7.72

18.35

Illinois

0

8,524

0

2,840

5,058

16,422

319

-17.67

107.64

 

 

 

 

 

 

 

 

 

 

Cook

0

4,757

0

1,550

2,823

9,130

238

-20.57

133.74

Lake

0

653

0

420

419

1,492

169

-15.23

124.36

Kane

0

553

0

254

309

1,116

154

18.22

202.44

Will

0

523

0

175

351

1,049

219

-21.48

60.40

Du Page

0

562

0

158

326

1,046

343

-22.52

120.21

 

 

 

 

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