Illinois Foreclosure Activity Lower in Second Quarter

Activity level falls slightly from Q1; rate 9th highest in nation

Foreclosure filings decline 1 percent mid-year; down 2 percent in June

 

Illinois reported 45,567 properties with foreclosure filings for the second quarter of 2010, a slight drop from the first quarter, but still 39 percent above the level reported in the second quarter of 2009. One in every 116 Illinois housing units received a foreclosure filing during the quarter, giving the state the ninth highest foreclosure rate in the nation.

 

Activity level in Illinois also fell during the first half of 2010 as well as for the month of June. For the first six months of the year, Illinois reported 85,223 properties with foreclosure filings, a 1 percent drop in activity from the second half of 2009, but still 24 percent above the level reported mid-year 2009. In June the state tallied 14,732 properties with foreclosure filings, a decrease of 2 percent from the previous month, but still up 36 percent from June 2009.

 

“Foreclosure activity in Illinois fell during the second quarter this year, ending the second half of 2010 with activity below the level reported for the first quarter of this year and for the last half of 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “Still, activity remained high compared to the second quarter of 2009, which is likely due to the state’s high level of unemployment, currently above 10 percent.”

 

California maintained the lead in foreclosures, tallying 192,422 properties with foreclosure filings. Florida held on to second place, documenting 139,693 properties with foreclosure filings. Once again Arizona came in third highest, documenting 45,613 properties with foreclosure filings. Michigan was fifth once again, reporting 45,451 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure activity for the second quarter were Nevada (38,077), Georgia (38,072), Texas (32,800), Ohio (30,644), and New Jersey (21,977). The nation’s top five accounted for 52 percent of all foreclosure filings in the nation for the quarter.

 

Kendall County posts state’s top foreclosure rate for the quarter

Kendall County posted the highest county foreclosure rate in Illinois during the second quarter, with one in every 40 housing units receiving a foreclosure filing — 3.6 times the national average. Kane County posted the second highest foreclosure rate, with one in every 54 housing units receiving a foreclosure filing — 2.7 times the national average. Lake County had the third highest foreclosure rate, with one in every 71 housing units receiving a foreclosure filing — twice the national average.

 

Cook County leads state in total foreclosures for the second quarter

Cook County led Illinois in foreclosure activity, reporting 23,656 properties with foreclosure filings for the quarter. Du Page County had the second highest total, reporting 3,623 properties with foreclosure filings. Reporting 3,585 properties with foreclosure filings for the quarter, Lake County came in third. Kane County was fourth, reporting 3,238 properties with foreclosure filings. Fifth highest total was Will County, where 2,924 properties with foreclosure filings were reported for the quarter.

 

State the fourth largest contributor to nation’s quarterly total

Foreclosure activity in Illinois represented 5 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 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: 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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

Illinois

0

24,620

0

8,852

12,095

45,567

116

1.24

n/a

 

 

 

 

 

 

 

 

 

 

Kendall

0

369

0

275

225

869

40

3.61

2.90

Kane

0

1,497

0

1,020

721

3,238

54

2.68

2.15

Lake

0

1,935

0

739

911

3,585

71

2.03

1.63

McHenry

0

897

0

232

380

1,509

77

1.88

1.51

Will

0

1,829

0

336

759

2,924

79

1.82

1.46

 

 

Illinois Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

Illinois

0

24,620

0

8,852

12,095

45,567

116

-0.47

38.98

 

 

 

 

 

 

 

 

 

 

Cook

0

12,638

0

4,519

6,499

23,656

92

-0.78

23.92

Du Page

0

1,989

0

792

842

3,623

99

10.93

73.35

Lake

0

1,935

0

739

911

3,585

71

-2.53

76.69

Kane

0

1,497

0

1,020

721

3,238

54

-1.28

110.81

Will

0

1,829

0

336

759

2,924

79

-3.91

40.71

 

 

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