ILLINOIS FORECLOSURES DECREASE 14 PERCENT IN FEBRUARY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

State’s Activity Up 45 Percent From a Year Ago

 

IRVINE, Calif. – March 26, 2007 – Illinois documented 6,622 foreclosure filings in February, a 14 percent decrease from the previous month, but still 45 percent above the total reported for the same month last year, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 850,000 properties from nearly 2,500 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.

 

“While the state’s foreclosure rate decreased 14 percent in February, Illinois could see an increase in mortgage foreclosures in the coming months — especially as subprime loans continue to reset to higher interest rates,” said James J. Saccacio, chief executive officer of RealtyTrac. “Add increasing inventories, slower home price appreciation, and lenders tightening their underwriting standards and homeowners in Illinois could see a spike in the number of foreclosures.”

 

Illinois documented the seventh highest foreclosure total in the nation for February, well behind top-rated Florida, which led the nation with 19,144 foreclosure filings. Reporting 16,273 foreclosures filings, California was securely in second place, followed by third place Texas with 12,386 foreclosure filings for the month. Michigan took fourth, reporting 9,287 foreclosure filings, while Ohio came in fifth with 7,478 properties in the foreclosure pipeline. Georgia rounded out the top six, with 7,294 foreclosure filings in February. Colorado, New York and New Jersey rounded out the nation’s top 10 foreclosure states.

 

The state’s foreclosure rate of one foreclosure filing for every 739 households was 11th highest in the nation and 1.2 times the national average.

 

Cook County leads the state in foreclosure total

Cook County far and away led all counties in foreclosure activity for February, reporting 4,034 foreclosure filings — 61 percent of the state total. Lake County reported the second highest total with 459 foreclosure filings. Will County tallied the third highest total in the state with 384 foreclosure filings. Du Page County reported the fourth highest total with 355 foreclosure filings. Winnebago County rounded out the state’s top five, reporting 336 filings in the foreclosure pipeline during the month.

 

Winnebago County posts highest foreclosure rate

Winnebago County posted the highest foreclosure rate in the state for February, with one foreclosure filing for every 340 households — 2.2 times the state average and 2.6 times the national average. Kane County posted the second highest foreclosure rate, with one foreclosure filing for every 432 households — 1.7 times the state average and 2.1 times the national average. Will County had the third highest rate, with one filing for every 457 households — 1.6 times the state average and 1.9 times the national average. McHenry County posted the fourth highest foreclosure rate, reporting one filing for every 481 households, and Lake County came in fifth with one foreclosure filing for every 492 households.

 

State makes significant contribution to national total

Total foreclosure filings in Illinois accounted for 5 percent of the 130,786 filings nationwide in February. The national total was down 4 percent from the previous month, but still up 12 percent from February 2006. The nation’s foreclosure rate increased slightly to one foreclosure filing for every 884 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

                        Illinois Foreclosure Market by County – February 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

29,662

47,127

9,404

22,479

22,114

130,786

884

n/a

n/a

Illinois

25

5

523

5,535

534

6,622

739

1.20

n/a

 

 

 

 

 

 

 

 

 

 

Bond

0

0

0

0

0

0

n/a

0.00

0.00

Boone

0

0

0

12

2

14

1,101

0.80

0.67

Champaign

0

0

1

21

4

26

2,895

0.31

0.26

Christian

0

0

0

1

0

1

14,992

0.06

0.05

Clinton

0

0

0

4

3

7

1,972

0.45

0.37

Coles

0

0

0

0

2

2

11,384

0.08

0.06

Cook

14

3

309

3,450

258

4,034

520

1.70

1.42

Cumberland

0

0

0

1

0

1

4,876

0.18

0.15

De Kalb

0

0

2

21

6

29

1,138

0.78

0.65

Douglas

0

0

0

0

0

0

n/a

0.00

0.00

Du Page

2

0

29

299

25

355

945

0.94

0.78

Ford

0

0

0

0

0

0

n/a

0.00

0.00

Fulton

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

0

1

16

5

22

684

1.29

1.08

Henry

0

0

1

0

1

2

10,635

0.08

0.07

Iroquois

0

0

0

0

1

1

13,362

0.07

0.06

Jefferson

0

0

0

1

0

1

16,990

0.05

0.04

Jersey

0

0

0

0

0

0

n/a

0.00

0.00

Jo Daviess

0

0

0

0

1

1

12,003

0.07

0.06

Kane

1

0

17

282

22

322

432

2.05

1.71

Kankakee

1

0

1

20

9

31

1,310

0.67

0.56

Kendall

0

0

6

30

3

39

500

1.77

1.48

Knox

0

0

0

0

0

0

n/a

0.00

0.00

La Salle

0

0

1

2

1

4

11,610

0.08

0.06

Lake

0

0

29

406

24

459

492

1.80

1.50

Lee

0

0

0

0

1

1

14,310

0.06

0.05

Macon

0

0

1

52

8

61

824

1.07

0.90

Macoupin

0

0

0

0

0

0

n/a

0.00

0.00

Madison

0

0

1

33

20

54

2,017

0.44

0.37

Marion

0

0

0

0

0

0

n/a

0.00

0.00

Marshall

0

0

0

1

0

1

5,914

0.15

0.12

Mason

0

0

0

1

0

1

7,033

0.13

0.11

McHenry

1

0

13

171

8

193

481

1.84

1.53

Mclean

0

0

1

14

12

27

2,221

0.40

0.33

Menard

0

0

0

0

0

0

n/a

0.00

0.00

Monroe

0

0

0

4

1

5

2,150

0.41

0.34

Montgomery

0

0

0

0

0

0

n/a

0.00

0.00

Morgan

0

0

0

0

0

0

n/a

0.00

0.00

Ogle

0

0

0

0

1

1

20,420

0.04

0.04

Peoria

0

0

2

30

1

33

2,370

0.37

0.31

Piatt

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

0

0

3

1

4

3,332

0.27

0.22

Rock Island

1

0

0

2

1

4

16,122

0.05

0.05

Saint Clair

0

2

5

85

6

98

1,066

0.83

0.69

Sangamon

0

0

2

23

6

31

2,757

0.32

0.27

Stark

0

0

0

0

0

0

n/a

0.00

0.00

Stephenson

0

0

3

1

1

5

4,343

0.20

0.17

Tazewell

0

0

1

18

3

22

2,408

0.37

0.31

Vermilion

0

0

0

0

3

3

12,116

0.07

0.06

Warren

0

0

0

0

1

1

7,787

0.11

0.09

Washington

0

0

0

0

0

0

n/a

0.00

0.00

Whiteside

0

0

2

0

0

2

12,513

0.07

0.06

Will

5

0

31

294

54

384

457

1.93

1.62

Williamson

0

0

0

3

1

4

6,926

0.13

0.11

Winnebago

0

0

64

234

38

336

340

2.60

2.17

Woodford

0

0

0

0

0

0

n/a

0.00

0.00

 

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 construction properties, 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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