Illinois Foreclosure Activity Rises in Third Quarter

Total foreclosure filings up 14 percent from Q2, and up 30 percent from Q3 2008.

 

Illinois reported 37,270 properties with foreclosure filings in the third quarter of 2009, an increase of 14 percent from the previous quarter and 30 percent above the level reported in the third quarter of 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. 

 

Foreclosure activity in Illinois was down 2 percent in September from the previous month to 12,771 properties with foreclosure filings, but still up 25 percent from September 2008.

 

“The wave of Illinois foreclosures continued to rise in the third quarter of 2009 as the state continues to feel the effects of nation-wide recession,” said James J. Saccacio, chief executive officer of RealtyTrac. “Factoring into the state’s foreclosure problems is its high unemployment rate, which hit a 26-year high of 10.5 percent in September.”

 

One in every 141 Illinois housing units received a foreclosure filing during the third quarter, ranking 10th among the 50 states.

 

As it has for almost two years now, California continues to lead the nation in total foreclosure activity by a large margin on both a monthly and quarterly basis. For the third quarter, California reported 250,054 properties with foreclosure filings. Florida posted the second highest activity level — 156,924 properties with foreclosure filings. Arizona posted the third highest level in the nation, reporting 50,342 properties with foreclosure filings. Nevada came in fourth highest, reporting 47,925 properties with foreclosure filings during the quarter, while Illinois tallied the fifth highest total, documenting 37,270 properties with foreclosure filings. The top five states alone represented 58 percent of all foreclosure filings in the nation during the quarter.

 

For September, the nation’s top 5 states for total foreclosure filings were California (86,337), Florida (55,036), Nevada (18,766), Michigan (16,767), and Georgia (14,972). Activity in the top five states accounted for 58 percent of the nation’s foreclosure total in September.

 

Kendall County posts state’s top foreclosure rate in the third quarter

Kendall County posted the highest county foreclosure rate in Illinois for the third quarter, with one in every 43 housing units receiving a foreclosure filing — 3.1 times the national average and 3.2 times the state average. Kane County came in second, with one in every 65 housing units receiving a foreclosure filing during the quarter — 2.1 times the national average and 2.2 times the state average. Lake and Will counties posted the third highest foreclosure rate, where one in every 79 housing units received a foreclosure filing — 1.7 times the national average and 1.8 times the state average.

 

Cook County leads state in foreclosure activity in the third quarter

Cook County led the state, reporting 16,851 properties with foreclosure filings for the quarter. Lake County had the second highest total, reporting 3,191 properties with foreclosure filings. Du Page County came in third, tallying 3,048 properties with foreclosure filings. Fourth highest for the quarter was Will County, reporting 2,896 properties with foreclosure filings. Kane County documented 2,659 properties with foreclosure filings, the state’s fifth highest foreclosure total in the quarter.

 

State a significant contributor to nation’s foreclosure activity for quarter and month

Illinois accounted for 4 percent of the 937,840 properties with foreclosure filings reported nationwide for the third quarter and 4 percent of the 343,638 properties with foreclosure filings reported for September. Total U.S. activity declined 5.4 percent between the second and third quarter of the year, but was up 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.

 

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 – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

n/a

n/a

Illinois

0

18,585

1

8,980

9,704

37,270

141

0.97

n/a

 

 

 

 

 

 

 

 

 

 

Kendall

0

483

0

127

159

769

43

3.14

3.24

Kane

0

1,312

0

894

453

2,659

65

2.11

2.17

Lake

0

1,685

0

941

565

3,191

79

1.72

1.78

Will

0

1,517

0

883

496

2,896

79

1.72

1.78

Saint Clair

0

274

0

7

1,141

1,422

81

1.69

1.75

 

 

Illinois Top Foreclosure Totals by County – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 09

% Chg Q3 08

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

5.40

22.50

Illinois

0

18,585

1

8,980

9,704

37,270

141

13.68

30.29

 

 

 

 

 

 

 

 

 

 

Cook

0

8,673

0

3,806

4,372

16,851

129

-11.73

5.91

Lake

0

1,685

0

941

565

3,191

79

57.27

95.05

Du Page

0

1,533

0

867

648

3,048

118

45.84

73.38

Will

0

1,517

0

883

496

2,896

79

39.36

49.43

Kane

0

1,312

0

894

453

2,659

65

73.11

103.13

 

 

Illinois Top Foreclosure Rates By County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

n/a

n/a

Illinois

0

7,174

0

2,286

3,311

12,771

411

0.91

n/a

 

 

 

 

 

 

 

 

 

 

Kendall

0

234

0

30

42

306

109

3.41

3.76

Saint Clair

0

144

0

2

779

925

124

3.01

3.32

De Kalb

0

61

0

29

125

215

180

2.07

2.28

Kane

0

414

0

308

170

892

193

1.93

2.13

Lake

0

614

0

403

213

1,230

205

1.81

2.00

 

 

Illinois Top Foreclosure Totals by County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Aug 09

% Chg Sept 08

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

-4.14

29.20

Illinois

0

7,174

0

2,286

3,311

12,771

411

-2.35

25.16

 

 

 

 

 

 

 

 

 

 

Cook

0

3,489

0

551

929

4,969

437

-8.22

-6.56

Lake

0

614

0

403

213

1,230

205

10.71

83.04

Du Page

0

558

0

306

209

1,073

334

-8.60

77.94

Will

0

589

0

276

141

1,006

228

-11.05

49.93

Saint Clair

0

144

0

2

779

925

124

62.00

37.04

 

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