Illinois Foreclosure Activity Rises in April

Statewide filings up 33 percent from March; rate #8 nationally

 

Monthly foreclosure activity in Illinois rose in April, up 33 percent from the previous month to 18,870 properties with foreclosure filings. This latest state total also represents a 38 percent year-over-year increase in foreclosure filings from April 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state had the eighth highest foreclosure rate in the nation with one in every 280 Illinois housing units receiving a foreclosure filing during the month.

 

Illinois reported another monthly hike in foreclosure activity in April making it the state with the fourth highest activity level in the country,” said James J. Saccacio, chief executive officer of RealtyTrac. “As unemployment remains high within the state, Illinois continues to struggle economically and ranks among the top 10 worst affected states in terms of foreclosures.”

 

California continued to maintain the highest level of foreclosure activity in the country in April, reporting 69,725 properties with foreclosure filings for the month. Florida had the second highest total, documenting 48,384 properties with foreclosure filings. Michigan came in at third highest, reporting 19,173 properties with foreclosure filings. Nevada rose two spots to fifth, tallying 16,217 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure activity in April were Arizona (16,088), Georgia (13,963), Texas (13,133), Ohio (11,936) and Virginia (7,065). In all, the top 10 accounted for 70 percent of all foreclosure filings in the nation for April.

 

Kendall County posts top foreclosure rate for April

With one in every 71 housing units receiving a foreclosure filing — 5.5 times the national average and four times the state average — Kendall County posted the highest county foreclosure rate in the state for the month. Kane County came in second, with one in every 125 housing units receiving a foreclosure filing — 3.1 times the national average and 2.2 times the state average. Lake County was third, with one in every 166 housing units receiving a foreclosure filing — 2.3 times the national average and 1.7 times the state average.

 

Cook County tops in total foreclosure activity during April

Cook County led all counties in the state, reporting 9,292 properties with foreclosure filings for the month. Du Page County was second highest, documenting 1,643 properties with foreclosure filings. Reporting 1,531 properties with foreclosure filings for the month, Lake County ranked third highest. Will County was fourth, reporting 1,393 properties with foreclosure filings. A total of 1,389 properties with foreclosure filings were reported in Kane County, the fifth highest county total in April.

 

State a major contributor to nation’s monthly foreclosure total in April

Illinois accounted for 6 percent of the 333,837 properties with foreclosure filings reported nationwide in April. Total U.S. activity declined more than 9 percent from the previous month and was 2 percent below the level reported in April 2009. One in every 387 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 – April 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,889

60,873

96,770

40,873

92,432

333,837

387

n/a

n/a

Illinois

0

9,049

0

5,067

4,754

18,870

280

1.38

n/a

 

 

 

 

 

 

 

 

 

 

Kendall

0

155

0

260

75

490

71

5.46

3.95

Kane

0

690

0

396

303

1,389

125

3.08

2.23

Lake

0

769

0

425

337

1,531

166

2.33

1.68

Will

0

766

0

303

324

1,393

167

2.32

1.68

McHenry

0

362

0

158

150

670

173

2.24

1.62

 

 

Illinois Top Foreclosure Totals by County – April 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 10

% Chg Apr 09

 

 

 

 

 

 

 

 

 

 

United States

42,889

60,873

96,770

40,873

92,432

333,837

387

-9.05

-2.40

Illinois

0

9,049

0

5,067

4,754

18,870

280

32.90

38.27

 

 

 

 

 

 

 

 

 

 

Cook

0

4,212

0

2,511

2,569

9,292

235

40.68

18.37

Du Page

0

772

0

529

342

1,643

219

49.50

91.27

Lake

0

769

0

425

337

1,531

166

30.74

106.33

Will

0

766

0

303

324

1,393

167

26.98

36.17

Kane

0

690

0

396

303

1,389

125

38.35

103.67

 

 

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