ILLINOIS FORECLOSURE ACTIVITY UP 55 PERCENT IN 2008

More than 99,000 Properties Receive Foreclosure Filings During The Year

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 99,488 Illinois properties in 2008, an increase of 55 percent from 2007 and a 126 percent increase from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The report also shows that 1.91 percent of all Illinois housing units received at least one foreclosure filing during the year, up from 1.25 percent in 2007.

 

Illinois reported 12,420 properties with foreclosure filings in December, up 57 percent from the previous month and a 26 percent increase over December 2007.

 

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.

 

“Foreclosure activity remained brisk in Illinois throughout 2008 as the state maintained a ranking in the nation’s top 10 for the entire year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Given an unemployment rate which rose 2 percent during the year, plus home sales and prices which were down on an annual basis compared to 2007, Illinois homeowners will continue to struggle with the foreclosure crisis for the immediate future.”

 

Four counties account for bulk of state’s foreclosure activity in 2008

Four Illinois counties accounted for 79 percent of all foreclosure activity in the state for 2008. Cook County led the way by a large margin, reporting 54,588 properties with foreclosure filings for the year. Will County came in second, reporting 6,612 properties with foreclosure filings. Lake County registered the third highest total, reporting 6,323 properties with foreclosure filings. Du Page County was fourth, reporting 6,184 properties with foreclosure filings. Kane County came in fifth, documenting 4,709 properties with foreclosure filings.

 

Kendall County posts state’s top foreclosure rate for 2008

With 4.03 percent of its housing units receiving at least one foreclosure filing during the year, Kendall County posted the top foreclosure rate in the state for 2008. Will County had the state’s second highest rate, with 2.95 percent of its housing units receiving at least one foreclosure filing. Third highest rate was in Kane County, where 2.8 percent of the housing stock received at least one foreclosure filing.

 

State a significant contributor to nation’s foreclosure total for 2008

Illinois accounted for 4 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

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 – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

Illinois

99,488

1.91

54.70

 

 

 

 

 

44

Adams

43

0.14

616.67

68

Alexander

2

0.04

n/a

39

Bond

17

0.24

240.00

9

Boone

340

1.86

53.15

92

Brown

0

0.00

n/a

60

Bureau

10

0.06

900.00

92

Calhoun

0

0.00

n/a

36

Carroll

22

0.27

2,100.00

58

Cass

4

0.07

n/a

30

Champaign

409

0.50

10.84

88

Christian

3

0.02

50.00

64

Clark

4

0.05

33.33

90

Clay

1

0.02

n/a

33

Clinton

64

0.43

18.52

28

Coles

170

0.73

54.55

5

Cook

54,588

2.53

49.81

79

Crawford

3

0.03

200.00

74

Cumberland

2

0.04

n/a

13

De Kalb

607

1.61

82.28

73

Dewitt

3

0.04

200.00

49

Douglas

8

0.10

300.00

11

Du Page

6,184

1.74

65.04

54

Edgar

7

0.08

250.00

81

Edwards

1

0.03

0.00

65

Effingham

7

0.05

n/a

59

Fayette

6

0.06

500.00

35

Ford

19

0.31

1,800.00

46

Franklin

20

0.11

400.00

78

Fulton

6

0.04

0.00

80

Gallatin

1

0.03

n/a

61

Greene

4

0.06

100.00

10

Grundy

331

1.84

74.21

85

Hamilton

1

0.02

n/a

87

Hancock

2

0.02

n/a

92

Hardin

0

0.00

-100.00

66

Henderson

2

0.05

n/a

57

Henry

15

0.07

650.00

53

Iroquois

11

0.08

266.67

62

Jackson

15

0.05

275.00

86

Jasper

1

0.02

n/a

23

Jefferson

154

0.88

5,033.33

70

Jersey

4

0.04

n/a

75

Jo Daviess

5

0.04

400.00

77

Johnson

2

0.04

0.00

3

Kane

4,709

2.80

61.82

15

Kankakee

614

1.41

6.97

1

Kendall

1,243

4.03

112.48

45

Knox

31

0.13

342.86

19

La Salle

512

1.05

133.79

6

Lake

6,323

2.52

67.41

92

Lawrence

0

0.00

n/a

29

Lee

82

0.56

2,633.33

56

Livingston

11

0.07

450.00

47

Logan

12

0.10

140.00

16

Macon

650

1.25

27.20

40

Macoupin

50

0.23

284.62

12

Madison

1,929

1.66

25.50

31

Marion

85

0.46

507.14

43

Marshall

9

0.15

12.50

37

Mason

18

0.25

63.64

82

Massac

2

0.03

-33.33

69

Mcdonough

6

0.04

500.00

4

Mchenry

2,952

2.63

63.00

24

Mclean

565

0.84

25.56

51

Menard

5

0.09

n/a

42

Mercer

12

0.16

300.00

26

Monroe

101

0.80

42.25

55

Montgomery

10

0.08

400.00

32

Morgan

70

0.45

2,233.33

52

Moultrie

5

0.08

25.00

21

Ogle

217

1.00

10,750.00

17

Peoria

940

1.15

43.95

72

Perry

4

0.04

n/a

83

Piatt

2

0.03

-33.33

92

Pike

0

0.00

-100.00

71

Pope

1

0.04

n/a

92

Pulaski

0

0.00

n/a

48

Putnam

3

0.10

200.00

25

Randolph

114

0.84

48.05

84

Richland

2

0.03

100.00

18

Rock Island

725

1.11

82.16

7

Saint Clair

2,598

2.30

103.76

67

Saline

6

0.05

200.00

20

Sangamon

902

1.00

16.39

92

Schuyler

0

0.00

n/a

92

Scott

0

0.00

n/a

92

Shelby

0

0.00

-100.00

92

Stark

0

0.00

-100.00

34

Stephenson

86

0.39

760.00

22

Tazewell

519

0.93

23.87

92

Union

0

0.00

n/a

14

Vermilion

584

1.59

289.33

89

Wabash

1

0.02

n/a

76

Warren

3

0.04

n/a

41

Washington

12

0.18

n/a

91

Wayne

1

0.01

n/a

50

White

7

0.09

n/a

63

Whiteside

13

0.05

160.00

2

Will

6,612

2.95

51.93

27

Williamson

219

0.75

116.83

8

Winnebago

2,777

2.25

36.33

38

Woodford

36

0.25

1,100.00

 

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

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved