Illinois Foreclosure Activity Rises 56 Percent in October

Statewide filings up 57 percent from year earlier; rate ranks #6 nationally

 

Illinois reported 19,946 properties with foreclosure filings for October, up 56 percent from the previous month and 57 percent above the level reported in October 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 263 Illinois housing units received a foreclosure filing during the month, the sixth highest state foreclosure rate in the nation.

 

Illinois reported another hike in foreclosure activity in October as the state remained one of the worst affected areas in the country,” said James J. Saccacio, chief executive officer of RealtyTrac. “The latest spike in activity is largely the result of a new law that went into effect in the spring, giving distressed borrowers an extended time to save their homes. Now that the grace period has ended, many of those homeowners are finding themselves with foreclosure notices in hand.”

 

In October, Illinois had the third highest foreclosure total in the nation, but far below national leader California, which maintained the top position reporting 85,420 properties with foreclosure filings. Florida came in second highest, reporting 51,911 properties with foreclosure filings for the month. Michigan took the number four slot, documenting 16,468 properties with foreclosure filings. Nevada came in fifth, reporting 13,842 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure filings in October were Arizona (13,345), Georgia (12,468), Texas (11,798), Ohio (11,646) and New Jersey (7,435). Activity in the top five states accounted for 56 percent of all foreclosure filings in the nation for October.

 

Kendall County posts state’s top foreclosure rate in October

With one in every 135 housing units receiving a foreclosure filing — 2.9 times the national average and 1.9 times the state average — Kendall County posted the highest county foreclosure rate in the state for October. Lake County ranked second, with one in every 144 housing units receiving a foreclosure filing — 2.7 times the national average and 1.8 times the state average. Will County had the third highest rate, with one in every 172 housing units receiving a foreclosure filing — 2.2 times the national average and 1.5 times the state average. Fourth highest foreclosure rate was in Kane County, where one in every 182 housing units received a foreclosure filing during the month — 2.1 times the national average and 1.4 times the state average. McHenry County had the fifth highest rate, reporting one in every 183 housing units receiving a foreclosure filing — 2.1 times the national average and 1.4 times the state average.

 

Cook County tops state in foreclosure total for October

Cook County led all counties, totaling 11,494 properties with foreclosure filings in October. Lake County was second highest, documenting 1,760 properties with foreclosure filings. Reporting 1,350 properties with foreclosure filings for the month, Du Page County was third highest in the state. Will County came in fourth, reporting 1,336 properties with foreclosure filings, while the fifth highest total was in Kane County, where 944 properties with foreclosure filings were reported for the month.

 

State a major contributor to nation’s foreclosure activity in October

Illinois accounted for 6 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 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 Top Foreclosure Rates By County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

Illinois

0

12,659

0

3,081

4,206

19,946

263

1.46

n/a

 

 

 

 

 

 

 

 

 

 

Kendall

0

147

0

31

69

247

135

2.85

1.94

Lake

0

963

0

493

304

1,760

144

2.68

1.83

Will

0

789

0

185

362

1,336

172

2.24

1.53

Kane

0

539

0

228

177

944

182

2.11

1.44

McHenry

0

342

0

166

116

624

183

2.10

1.43

 

 

Illinois Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

Illinois

0

12,659

0

3,081

4,206

19,946

263

56.18

57.29

 

 

 

 

 

 

 

 

 

 

Cook

0

7,920

0

1,265

2,309

11,494

189

131.31

66.94

Lake

0

963

0

493

304

1,760

144

43.09

115.95

Du Page

0

801

0

305

244

1,350

266

25.82

67.29

Will

0

789

0

185

362

1,336

172

32.80

34.95

Kane

0

539

0

228

177

944

182

5.83

79.47

 

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