ILLINOIS FORECLOSURES DECREASE 18 PERCENT IN MAY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 7 Percent From a Year Ago; Foreclosure Rate Ranks 13th Highest

 

IRVINE, Calif. – June 15, 2007 – Illinois documented 6,824 foreclosure filings in May, an 18 percent decrease from the previous month, but a 7 percent increase from May 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report. Illinois’ foreclosure rate of one foreclosure filing for every 717 households ranked 13th highest among the 50 states.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 900,000 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.

 

“Despite declining significantly in May, foreclosure activity in Illinois is still among the nation’s highest,” said James J. Saccacio, chief executive officer of RealtyTrac. “The inventory of unsold homes continues to rise in Illinois and interest rates are spiking upward, placing added pressure on distressed homeowners who are trying to sell their way out of foreclosure.”

 

Illinois documented the seventh highest foreclosure total in the nation for May, well behind top-rated California, which led the nation with 39,659 foreclosure filings. Reporting 21,704 foreclosures filings, Florida was securely in second place, followed by third place Ohio with 13,214 foreclosure filings in May. Texas took fourth, reporting 9,653 foreclosure filings. The Top 10 was rounded out by Michigan, which posted 9,461 foreclosure filings, followed by Georgia, with 8,294 foreclosure filings, Colorado, with 6,321 foreclosure filings, Arizona, with 5,918 foreclosure filings and Nevada, with 5,235 foreclosure filings.

 

Cook County leads the state in foreclosure total

Cook County far and away led all counties in foreclosure activity for May, reporting 3,721 foreclosure filings — 55 percent of the state total. Du Page County reported the second highest foreclosure total, 643 foreclosure filings, and Kane County tallied the third highest foreclosure total, 424 foreclosure filings. Will County reported the fourth highest foreclosure total, 387 foreclosure filings. Lake County rounded out the state’s top five, reporting 357 filings entering some stage of the foreclosure pipeline in March.

 

Kendall County posts highest foreclosure rate

Kendall County posted the highest foreclosure rate in the state for May, one foreclosure filing for every 271 households — 2.6 times the state average and 2.4 times the national average. Kane County posted the second highest foreclosure rate, one foreclosure filing for every 328 households — 2.2 times the state average and twice the national average. McHenry County posted the third highest foreclosure rate, one foreclosure filing for every 400 households — 1.8 times the state average and 1.6 times the national average. Will County posted the fourth highest foreclosure rate, one foreclosure filing for every 454 households, and Winnebago County came in fifth with one foreclosure filing for every 483 households.

 

State makes significant contribution to national total

Total foreclosure filings in Illinois accounted for nearly 4 percent of the 176,137 foreclosure filings nationwide in May. The national total was up 19 percent from the previous month and up 90 percent from May 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 656 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 – May 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

55,615

56,481

9,760

25,733

28,548

176,137

656

n/a

n/a

Illinois

0

19

611

5,485

709

6,824

717

0.92

n/a

 

 

 

 

 

 

 

 

 

 

Adams

0

0

0

1

0

1

29,386

0.02

0.02

Bond

0

0

0

1

0

1

6,690

0.09

0.10

Boone

0

0

0

13

12

25

617

1.06

1.16

Bureau

0

0

1

0

1

2

7,666

0.08

0.09

Champaign

0

0

1

34

2

37

2,035

0.32

0.35

Christian

0

0

0

0

1

1

14,992

0.04

0.04

Clinton

0

0

0

3

3

6

2,301

0.28

0.31

Coles

0

0

0

7

2

9

2,530

0.25

0.28

Cook

0

9

349

2,952

411

3,721

563

1.16

1.27

Crawford

0

0

0

0

0

0

n/a 

0.00

0.00

Cumberland

0

0

0

0

0

0

n/a 

0.00

0.00

De Kalb

0

0

5

48

2

55

600

1.09

1.19

Dewitt

0

0

0

0

0

0

n/a 

0.00

0.00

Douglas

0

0

0

0

0

0

n/a 

0.00

0.00

Du Page

0

1

30

592

20

643

522

1.25

1.37

Edgar

0

0

0

1

0

1

8,611

0.07

0.08

Ford

0

0

0

0

1

1

6,060

0.10

0.11

Franklin

0

0

0

0

1

1

18,105

0.03

0.04

Fulton

0

1

0

1

0

2

8,120

0.08

0.08

Greene

0

0

0

0

0

0

n/a 

0.00

0.00

Grundy

0

0

0

13

2

15

1,003

0.65

0.71

Hamilton

0

0

0

0

0

0

n/a 

0.00

0.00

Hancock

0

0

0

0

0

0

n/a 

0.00

0.00

Iroquois

0

0

0

1

1

2

6,681

0.09

0.10

Jefferson

0

0

0

1

0

1

16,990

0.03

0.04

Jersey

0

0

0

0

0

0

n/a 

0.00

0.00

Kane

0

0

20

367

37

424

328

2.00

2.18

Kankakee

0

1

3

40

9

53

766

0.85

0.93

Kendall

0

0

1

62

9

72

271

2.42

2.64

Knox

0

0

0

0

0

0

n/a 

0.00

0.00

La Salle

0

0

0

1

0

1

46438

0.01

0.01

Lake

0

1

47

267

42

357

633

1.03

1.13

Lee

0

0

0

0

0

0

n/a 

0.00

0.00

Livingston

0

0

0

1

0

1

15,297

0.04

0.04

Logan

0

0

0

1

0

1

11,872

0.05

0.06

Macon

0

0

1

35

2

38

1,322

0.49

0.54

Macoupin

0

0

0

0

0

0

n/a 

0.00

0.00

Madison

0

1

3

96

59

159

685

0.95

1.05

Marion

0

0

0

1

2

3

6,007

0.10

0.11

Marshall

0

0

0

2

0

2

2,957

0.22

0.24

Mason

0

1

0

1

0

2

3,517

0.18

0.20

Massac

0

0

0

0

1

1

6,951

0.09

0.10

McHenry

0

0

20

197

15

232

400

1.63

1.79

Mclean

0

0

0

26

14

40

1,499

0.43

0.47

Menard

0

0

1

0

0

1

5,285

0.12

0.13

Mercer

0

0

0

0

0

0

n/a 

0.00

0.00

Monroe

0

0

0

9

1

10

1,075

0.61

0.66

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

Moultrie

0

0

0

0

1

1

5,743

0.11

0.12

Ogle

0

0

2

0

0

2

10,210

0.06

0.07

Peoria

0

0

2

38

8

48

1,629

0.40

0.44

Piatt

0

0

0

0

0

0

n/a 

0.00

0.00

Pike

0

0

0

1

0

1

8,011

0.08

0.08

Putnam

0

0

0

0

0

0

n/a 

0.00

0.00

Randolph

0

0

0

3

0

3

4,443

0.14

0.16

Richland

0

0

0

0

1

1

7,468

0.08

0.09

Rock Island

0

0

2

1

2

5

12,898

0.05

0.05

Saint Clair

0

2

12

128

19

161

649

1.01

1.10

Sangamon

0

0

3

2

1

6

14,243

0.04

0.05

Scott

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

0

1

0

0

1

21,713

0.03

0.03

Tazewell

0

0

0

28

6

34

1,558

0.42

0.46

Vermilion

0

0

1

0

1

2

18,175

0.03

0.03

Will

0

1

23

360

3

387

454

1.44

1.58

Williamson

0

0

2

11

1

14

1,979

0.33

0.36

Winnebago

0

1

81

139

16

237

483

1.35

1.48

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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