Illinois Foreclosure Activity Up in January

Statewide filings up 2 percent from December; foreclosure rate ranks #8 nationally

 

Foreclosure activity in Illinois increased in January to 18,120 properties with foreclosure filings, a 2 percent increase from December 2009 and up 25 percent from January 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. With one in every 291 Illinois housing units receiving a foreclosure filing in January, the state’s foreclosure rate ranked number eight in the nation for the month.

 

“Illinois foreclosures were up slightly in January,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which jumped 17 percent for the month. Although home sales have begun to pick up significantly, the state’s unemployment rate still remains above the national average. This is likely driving the increase.”

 

As it has for many months, California continued to hold the highest number of foreclosures in the nation with 71,817 properties with foreclosure filings. Florida followed, documenting 47,069 properties with foreclosure filings in January. Arizona posted the third highest foreclosure total, reporting 21,048 properties with foreclosure filings for the month. Illinois ranked fourth highest at 18,120 properties with foreclosure filings. Reporting 17,574 properties with foreclosure filings, Michigan had the fifth highest level of foreclosure activity during the month.

 

The rest of the nation’s top 10 states for total foreclosure activity in January were Texas (12,225), Nevada (11,854), Georgia (11,274), Ohio (11,105) and New Jersey (6,146). Activity in the top five states accounted for 56 percent of all foreclosure filings in the nation for November.

 

Kendall County posts top foreclosure rate in the state for January

Kendall County posted the state’s highest county foreclosure rate in January, with one in every 113 housing units receiving a foreclosure filing — 3.6 times the national average. Kane County was second, with one in every 130 housing units receiving a foreclosure filing — 3.1 times the national average. Lake County came in third highest, with one in every 182 housing units receiving a foreclosure filing — 2.2 times the national average. McHenry County posted the fourth highest foreclosure rate, where one in every 193 housing units received a foreclosure filing during the month — 2.1 times the national average. Winnebago County posted the fifth highest foreclosure rate, where one in every 207 housing units received a foreclosure filing during the month — twice the national average.

 

Cook County dominates state in total foreclosure filings for January

Cook County led all counties, totaling 10,142 properties with foreclosure filings for the month. Lake County was second highest, documenting 1,397 properties with foreclosure filings. Kane County had the third highest foreclosure total, reporting 1,338 properties with foreclosure filings for the month. Will County came in fourth highest, reporting 1,067 properties with foreclosure filings, followed by Du Page County where 1,050 properties with foreclosure filings were reported.

 

State responsible for 6 percent of nation’s foreclosure total in January

Illinois accounted for 6 percent of the 315,716 properties with foreclosure filings reported nationwide in January. Total U.S. activity declined nearly 10 percent from the previous month but was still 15 percent ahead of January 2009. One in every 409 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: DefaultNotice 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 – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

n/a

n/a

Illinois

0

7,582

0

4,542

5,996

18,120

291

1.40

n/a

 

 

 

 

 

 

 

 

 

 

Kendall

0

136

0

67

103

306

113

3.57

2.57

Kane

0

538

0

491

309

1,338

130

3.11

2.24

Lake

0

589

0

374

434

1,397

182

2.22

1.60

McHenry

0

294

0

160

145

599

193

2.10

1.51

Winnebago

0

221

0

112

273

606

207

1.95

1.40

 

 

 

Illinois Top Foreclosure Totals by County – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Dec 09

% Chg Jan 09

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

-9.67

15.06

Illinois

0

7,582

0

4,542

5,996

18,120

291

1.69

25.42

 

 

 

 

 

 

 

 

 

 

Cook

0

3,916

0

2,517

3,709

10,142

215

-13.04

42.86

Lake

0

589

0

374

434

1,397

182

37.23

42.84

Kane

0

538

0

491

309

1,338

130

44.49

45.12

Will

0

610

0

262

195

1,067

217

0.00

-21.31

Du Page

0

432

0

324

294

1,050

343

-16.60

5.00

 

 

 

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