ILLINOIS FORECLOSURE ACTIVITY UP 24 PERCENT IN OCTOBER

Filings Statewide Increase 31 Percent From October 2007; Rate Ranks in Top 10

 

IRVINE, Calif. – Nov. 26, 2008 – Illinois moved up two spots in October to rank fifth in the nation in total foreclosure activity, reporting 12,681 properties with foreclosure filings, a 24 percent increase from the previous month and 31 percent ahead of the level reported in October 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 410 Illinois housing units received a foreclosure filing during the month, the ninth highest state foreclosure rate in the nation.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“October was the single largest monthly increase in Illinois’ foreclosure activity so far this year, keeping the level significantly above the total this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Mass layoffs that started during the third quarter of the year continued into October as the Prairie State braces for additional job losses and the effects of a weakened national economy which could result in many more homeowners going into foreclosure.”

 

Foreclosure activity in Illinois was far below national leader California, which reported 56,954 properties with foreclosure filings, and Florida, which reported the second highest total — 54,324 properties with foreclosure filings for October. Arizona came in third highest, reporting 17,507 properties with foreclosure filings, while Nevada tallied the fourth highest total, reporting 14,483 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in October were Ohio, Michigan, Georgia, Texas and New Jersey.

 

Cook County accounted for more than half of state’s monthly foreclosure activity

Cook County led the state, reporting 6,885 properties with foreclosure filings for the month. Will County came in second highest, reporting 990 properties with foreclosure filings. Lake County ranked third highest, reporting 815 properties with foreclosure filings. DuPage County came in fourth place, documenting 807 properties with foreclosure filings. Fifth highest total was documented in Kane County, reporting 526 properties with foreclosure filings for the month.

 

Will County post state’s top rate for October

With one in every 226 housing units receiving a foreclosure filing during the month — 1.8 times the state average and twice the national average — Will County posted the highest foreclosure rate in the state. Second highest rate was reported in Kendall County, where one in every 264 housing units received a foreclosure filing — 1.6 times the state average and 1.7 times the national average. Third highest rate was documented in McHenry County, where one in every 282 housing units received a foreclosure filing during the month — 1.5 times the state average and 1.6 times the national average.

 

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

Illinois accounted for 5 percent of the 279,561 properties with foreclosure filings reported nationwide in October. The national total represented an increase of more than 5 percent from the previous month and was almost 25 percent ahead of the total reported for October 2007. The nation’s foreclosure rate rose to one in every 452 U.S. housing units receiving 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 Foreclosure Market Data by County – October 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

36,036

66,033

66,319

26,305

84,868

279,561

452

n/a

n/a

Illinois

0

7,680

0

1,363

3,638

12,681

410

1.10

n/a

 

 

 

 

 

 

 

 

 

Adams

0

1

0

0

1

2

15,126

0.03

0.03

Alexander

0

0

0

0

0

0

 n/a

0.00

0.00

Bond

0

2

0

4

0

6

1,188

0.38

0.35

Boone

0

3

0

2

2

7

2,608

0.17

0.16

Brown

0

0

0

0

0

0

 n/a

0.00

0.00

Bureau

0

0

0

0

0

0

 n/a

0.00

0.00

Calhoun

0

0

0

0

0

0

 n/a

0.00

0.00

Carroll

0

0

0

0

0

0

 n/a

0.00

0.00

Cass

0

0

0

0

0

0

 n/a

0.00

0.00

Champaign

0

25

0

2

19

46

1,791

0.25

0.23

Christian

0

0

0

0

0

0

 n/a

0.00

0.00

Clark

0

0

0

0

0

0

 n/a

0.00

0.00

Clay

0

0

0

0

0

0

 n/a

0.00

0.00

Clinton

0

5

0

0

2

7

2,126

0.21

0.19

Coles

0

33

0

1

6

40

583

0.78

0.70

Cook

0

4,191

0

731

1,963

6,885

313

1.44

1.31

Crawford

0

0

0

1

0

1

8,973

0.05

0.05

Cumberland

0

0

0

0

0

0

 n/a

0.00

0.00

De Kalb

0

41

0

8

17

66

573

0.79

0.72

Dewitt

0

0

0

0

0

0

 n/a

0.00

0.00

Douglas

0

0

0

0

2

2

4,149

0.11

0.10

Du Page

0

501

0

83

223

807

441

1.02

0.93

Edgar

0

0

0

0

0

0

 n/a

0.00

0.00

Edwards

0

0

0

0

0

0

 n/a

0.00

0.00

Effingham

0

0

0

1

0

1

14,531

0.03

0.03

Fayette

0

0

0

0

0

0

 n/a

0.00

0.00

Ford

0

0

0

0

0

0

 n/a

0.00

0.00

Franklin

0

1

0

1

0

2

9,208

0.05

0.04

Fulton

0

0

0

0

0

0

 n/a

0.00

0.00

Gallatin

0

0

0

0

0

0

 n/a

0.00

0.00

Greene

0

0

0

0

0

0

 n/a

0.00

0.00

Grundy

0

22

0

18

9

49

366

1.23

1.12

Hamilton

0

0

0

0

1

1

4,091

0.11

0.10

Hancock

0

0

0

0

0

0

 n/a

0.00

0.00

Hardin

0

0

0

0

0

0

 n/a

0.00

0.00

Henderson

0

0

0

0

1

1

4,258

0.11

0.10

Henry

0

0

0

0

2

2

10,836

0.04

0.04

Iroquois

0

0

0

0

1

1

13,606

0.03

0.03

Jackson

0

0

0

0

1

1

27,885

0.02

0.01

Jasper

0

0

0

0

0

0

 n/a

0.00

0.00

Jefferson

0

12

0

2

6

20

877

0.52

0.47

Jersey

0

1

0

1

1

3

3,229

0.14

0.13

Jo Daviess

0

1

0

0

0

1

13,025

0.03

0.03

Johnson

0

0

0

0

0

0

 n/a

0.00

0.00

Kane

0

362

0

39

125

526

320

1.41

1.28

Kankakee

0

2

0

3

11

16

2,726

0.17

0.15

Kendall

0

101

0

13

3

117

264

1.71

1.55

Knox

0

0

0

0

1

1

23,981

0.02

0.02

La Salle

0

39

0

43

15

97

504

0.90

0.81

Lake

0

509

0

69

237

815

307

1.47

1.33

Lawrence

0

0

0

0

0

0

 n/a

0.00

0.00

Lee

0

0

0

0

1

1

14,733

0.03

0.03

Livingston

0

0

0

0

2

2

7,813

0.06

0.05

Logan

0

0

0

0

0

0

 n/a

0.00

0.00

Macon

0

121

0

19

33

173

299

1.51

1.37

Macoupin

0

3

0

3

1

7

3,152

0.14

0.13

Madison

0

169

0

73

93

335

347

1.30

1.18

Marion

0

17

0

2

10

29

636

0.71

0.64

Marshall

0

0

0

0

0

0

 n/a

0.00

0.00

Mason

0

0

0

0

0

0

 n/a

0.00

0.00

Massac

0

0

0

0

0

0

 n/a

0.00

0.00

Mcdonough

0

0

0

0

0

0

 n/a

0.00

0.00

Mchenry

0

266

0

38

95

399

282

1.60

1.46

Mclean

0

63

0

5

20

88

764

0.59

0.54

Menard

0

0

0

0

0

0

 n/a

0.00

0.00

Mercer

0

0

0

0

0

0

 n/a

0.00

0.00

Monroe

0

10

0

0

2

12

1,046

0.43

0.39

Montgomery

0

0

0

1

1

2

6,347

0.07

0.06

Morgan

0

0

0

0

6

6

2,602

0.17

0.16

Moultrie

0

2

0

1

0

3

2,007

0.23

0.20

Ogle

0

19

0

1

6

26

838

0.54

0.49

Peoria

0

37

0

8

34

79

1,035

0.44

0.40

Perry

0

0

0

0

0

0

 n/a

0.00

0.00

Piatt

0

0

0

0

0

0

 n/a

0.00

0.00

Pike

0

0

0

0

0

0

 n/a

0.00

0.00

Pope

0

0

0

0

0

0

 n/a

0.00

0.00

Pulaski

0

0

0

0

0

0

 n/a

0.00

0.00

Putnam

0

0

0

0

0

0

 n/a

0.00

0.00

Randolph

0

5

0

0

2

7

1,950

0.23

0.21

Richland

0

0

0

0

0

0

 n/a

0.00

0.00

Rock Island

0

41

0

13

18

72

907

0.50

0.45

Saint Clair

0

140

0

6

156

302

375

1.21

1.09

Saline

0

0

0

0

0

0

 n/a

0.00

0.00

Sangamon

0

55

0

3

34

92

979

0.46

0.42

Schuyler

0

0

0

0

0

0

 n/a

0.00

0.00

Scott

0

0

0

0

0

0

 n/a

0.00

0.00

Shelby

0

0

0

0

0

0

 n/a

0.00

0.00

Stark

0

0

0

0

0

0

 n/a

0.00

0.00

Stephenson

0

8

0

8

0

16

1,384

0.33

0.30

Tazewell

0

40

0

5

1

46

1,217

0.37

0.34

Union

0

0

0

0

0

0

 n/a

0.00

0.00

Vermilion

0

26

0

1

15

42

876

0.52

0.47

Wabash

0

0

0

0

0

0

 n/a

0.00

0.00

Warren

0

0

0

0

1

1

7,871

0.06

0.05

Washington

0

3

0

1

0

4

1,677

0.27

0.24

Wayne

0

0

0

1

0

1

8,199

0.06

0.05

White

0

0

0

0

0

0

 n/a

0.00

0.00

Whiteside

0

0

0

0

0

0

 n/a

0.00

0.00

Will

0

538

0

104

348

990

226

2.00

1.81

Williamson

0

26

0

7

1

34

864

0.52

0.47

Winnebago

0

236

0

41

108

385

321

1.41

1.28

Woodford

0

3

0

0

1

4

3,669

0.12

0.11

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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