Illinois Foreclosure Activity Up 32 Percent in 2009

Rate ranks #9 nationally; Activity up 9 percent from November

 

Illinois ended 2009 tallying 131,132 properties with foreclosure filings, a 32 percent increase from the total reported for 2008, and 104 percent higher than the level reported for all of 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. With one in every 40 housing units receiving a foreclosure filing, Illinois’ foreclosure rate ranked ninth highest in the nation for the year.

 

Illinois reported 17,819 properties with foreclosure filings, a 9 percent increase over the previous month, and up 43 percent from December 2008. The state’s foreclosure rate — one in every 294 housing units received a foreclosure filing — was eighth highest in the nation for the month.

 

“Illinois foreclosure activity rose substantially in 2009, leaving the state as one of the worst affected areas in the country,” said James J. Saccacio, chief executive officer of RealtyTrac. “Though it became clear early in the year that the state would likely see more foreclosures than in previous years, a substantial fourth quarter spike in filings sealed Illinois’ fate among the top five hardest hit states for the year.”

 

Illinois had the fourth highest state total for the year, lagging well behind national leader California, which reported 632,573 properties with foreclosure filings for all of 2009. Florida maintained the second highest total, reporting 516,711 properties with foreclosure filings. Arizona came in a distant third, reporting 163,210 properties with foreclosure filings. Fifth place went to Michigan, where 118,302 properties with foreclosure filings were reported.

 

The remaining states in the nation’s top 10 for total foreclosure filings for 2009 were Nevada (112,097), Georgia (108,110), Ohio (101,614), Texas (100,045) and New Jersey (63,208). Activity in the top five states accounted for 55 percent of all foreclosure filings in the nation for 2009.

 

Kendall County posts state’s highest foreclosure rate for 2009

With one in every 14 housing units receiving a foreclosure filing in 2009, Kendall County posted the highest county foreclosure rate in the state for the year. Kane County was second, reporting one in every 24 housing units receiving a foreclosure filing. Will County came in third highest, reporting one in every 25 housing units receiving a foreclosure filing. Lake County was fourth highest and McHenry came in fifth, each reporting one in every 27 housing units receiving a foreclosure filing.

 

Cook County leads state in foreclosure activity in 2009

Cook County led all counties in the state for the year, reporting 71,316 properties with foreclosure filings in all. Lake County was a distant second, documenting 9,214 properties with foreclosure filings. Reporting 9,060 properties with foreclosure filings for the year, Will County had the third highest total in the state. Du Page County was fourth highest, reporting 8,730 properties with foreclosure filings, followed by Kane County in fifth place, tallying 7,266 properties with foreclosure filings for all of 2009.

 

State the fourth largest contributor to nation’s foreclosure total in 2009

Illinois accounted for 5 percent of the 2,824,674 properties with foreclosure filings reported nationwide in 2009. Total U.S. activity increased more than 21 percent over the level reported for all of 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

%Chg

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Illinois

131,132

2.50

40

31.81

103.91

 

 

 

 

 

 

Kendall

2,330

6.98

14

87.45

298.29

Kane

7,266

4.22

24

54.30

149.69

Will

9,060

3.95

25

37.02

108.18

Lake

9,214

3.65

27

45.72

143.95

McHenry

4,171

3.64

27

41.29

130.31

 

 

Illinois Top Foreclosure Totals by County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

% Chg  

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Illinois

131,132

2.50

40

31.81

103.91

 

 

 

 

 

 

Cook

71,316

3.28

30

30.64

95.71

Lake

9,214

3.65

27

45.72

143.95

Will

9,060

3.95

25

37.02

108.18

Du Page

8,730

2.43

41

41.17

132.99

Kane

7,266

4.22

24

54.30

149.69

 

 

Illinois Top Foreclosure Rates By County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl Avg

/State Avg

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

n/a

n/a

Illinois

0

8,441

0

4,270

5,108

17,819

294

1.24

n/a

 

 

 

 

 

 

 

 

 

 

Kendall

0

171

0

40

93

304

110

3.33

2.68

Kane

0

358

0

276

292

926

186

1.97

1.58

Cook

0

4,714

0

2,922

3,152

10,788

201

1.82

1.46

McHenry

0

285

0

86

167

538

213

1.72

1.38

Will

0

655

0

195

217

1,067

215

1.70

1.37

 

 

Illinois Top Foreclosure Totals by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 09

% Chg Dec 08

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

13.99

15.20

Illinois

0

8,441

0

4,270

5,108

17,819

294

8.51

43.47

 

 

 

 

 

 

 

 

 

 

Cook

0

4,714

0

2,922

3,152

10,788

201

18.16

50.08

Du Page

0

550

0

338

371

1,259

285

20.36

110.89

Will

0

655

0

195

217

1,067

215

1.72

35.06

Lake

0

585

0

143

290

1,018

248

-31.77

6.93

Kane

0

358

0

276

292

926

186

-17.03

85.57

 

 

 

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