Illinois Foreclosure Activity Speeds up in July

Statewide foreclosure filings up 33 percent from June; rate No. 8 nationally

 

Foreclosure activity in Illinois increased 33 percent in July to 19,602 properties with foreclosure filings, 35 percent above the level reported in July 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state’s foreclosure rate was No. 8 nationally, as one in every 269 Illinois housing units received a foreclosure filing during the month.

 

Illinois foreclosures were up in July,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in auctions, which climbed 96 percent for the month. Although decreasing, the state’s unemployment rate is still nearly 1 percent above the national average. This needs to turn around before we see foreclosures really start to come down here.”

 

California continued to lead the nation in total foreclosures with 66,910 properties with foreclosure filings, followed by Florida with 51,557 properties with foreclosures filings in July. Illinois moved up a notch to third highest total, reporting 19,602 properties with foreclosure filings for the month. Reporting 18,833 properties with foreclosure filings, Michigan fell one spot to fourth place. Arizona maintained the fifth highest total, reporting 16,298 properties with foreclosure filings for the month.

 

The remaining states in the nation’s top 10 for total foreclosure activity in July were Nevada (13,727), Ohio (13,511), Georgia (12,577), Texas (11,727) and Maryland (6,961). In all, the top five accounted for 53 percent of all foreclosure filings in the nation for July.

 

Kendall County posts top county foreclosure rate in July

Kendall County posted the top foreclosure rate in Illinois for the month, with one in every 100 housing units receiving a foreclosure filing in July. Kane County posted the second highest foreclosure rate, with one in every 146 housing units receiving a foreclosure filing during the month. Coming in third was Lake County, where one in every 158 housing units received a foreclosure filing in July.

 

Cook County dominates state with top foreclosure total for July

Cook County led Illinois in total foreclosure activity, reporting 10,846 properties with foreclosure filings in July. Lake County documented the second highest foreclosure activity, reporting 1,613 properties with foreclosure filings. Du Page County came in third highest, tallying 1,601 properties with foreclosure filings. Fourth highest was Will County, where 1,468 properties with foreclosure filings were reported. Kane County was fifth, reporting 1,192 properties with foreclosure filings for the month.

 

State contributes 6 percent to nation’s monthly foreclosure total

Illinois accounted for 6 percent of the 325,229 properties with foreclosure filings reported nationwide in July. Total U.S. activity increased by more than 3 percent from the previous month but was down almost 10 percent from the level reported in July 2009. One in every 397 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 – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

n/a

n/a

Illinois

0

8,491

0

6,497

4,614

19,602

269

1.47

n/a

 

 

 

 

 

 

 

 

 

 

Kendall

0

139

0

136

73

348

100

3.98

2.70

Kane

0

500

0

430

262

1,192

146

2.71

1.84

Lake

0

654

0

646

313

1,613

158

2.52

1.71

Will

0

676

0

475

317

1,468

158

2.51

1.70

McHenry

0

367

0

179

113

659

176

2.26

1.53

 

 

Illinois Top Foreclosure Totals by County – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

3.63

-9.70

Illinois

0

8,491

0

6,497

4,614

19,602

269

33.06

34.96

 

 

 

 

 

 

 

 

 

 

Cook

0

4,788

0

3,586

2,472

10,846

201

25.46

36.48

Lake

0

654

0

646

313

1,613

158

53.04

46.77

Du Page

0

511

0

719

371

1,601

225

125.81

54.39

Will

0

676

0

475

317

1,468

158

104.17

37.84

Kane

0

500

0

430

262

1,192

146

24.56

23.52

 

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