ILLINOIS FORECLOSURES DECREASE 2 PERCENT IN MARCH

Statewide Filings Up 10 Percent From March 2007

 

IRVINE, Calif. – April 25, 2008 – Illinois reported 8,623 properties with foreclosure filings in March, a 2 percent decrease in activity from the previous month, but still 10 percent above the level reported for March 2007, according to the latest RealtyTrac™ U.S. Foreclosure Market Report, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million 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.

 

“Foreclosure activity in Illinois dipped slightly in March, but rose year-over-year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Illinois didn’t see the sharp run up in home price that other states did. However, declining home prices and stricter lending requirements have exacerbated the foreclosure environment there. Homeowners stuck in unmanageable mortgages aren’t able to sell their homes or refinance before their mortgage resets to a higher interest rate. This could trigger more foreclosures in the near future.”

 

With a foreclosure rate of one in every 603 Illinois households receiving a foreclosure filing in March, Illinois ranks 12th highest among the 50 states.

 

Foreclosure activity in the Prairie State fell well short of national leader California which reported 64,711 properties with foreclosure filings in March. Florida had the nation’s second highest foreclosure total, reporting 30,254 properties with foreclosure filings for the month. Third place Ohio posted 11,273 properties with foreclosure filings, narrowly ahead of fourth place Georgia which reported 11,047 properties with foreclosure filings. The remaining states in the nation’s top 10 foreclosure totals in March were Texas, Michigan, Arizona, Nevada and Colorado.

 

Cook County leads the state in foreclosure activity for March

Cook County led all counties in foreclosure activity by a wide margin in March, reporting 4,854 properties with foreclosure filings — 56 percent of the state total. Second place Will County documented 583 properties with foreclosure filings, followed closely in third place by Du Page County which reported 582 properties with foreclosure filings. Lake County was fourth highest, reporting 519 properties with foreclosure filings. Reporting 376 properties with foreclosure filings, Kane County came in fifth highest total for March.

 

Boone County posts state’s highest foreclosure rate for the month

Boone County posted the highest foreclosure rate in the state for March, with one in every 285 households receiving a foreclosure filing — 2.1 times the state average and 1.9 times the national average. Will County reported the state’s second highest foreclosure rate, with one in every 384 households receiving a foreclosure filing — 1.6 times the state average and 1.4 times the national average. Kendall County posted the third highest foreclosure rate for the month, with one in every 406 households receiving a foreclosure — 1.5 times the state average and 1.3 times the national average.

 

State a major contributor to nation’s total in March

Total foreclosure filings in Illinois accounted for 4 percent of the 234,685 properties with foreclosure filings reported nationwide in March. The national total represents a 5 percent increase from the previous month and is 57 percent ahead of the total reported for March 2007. One in every 538 U.S. households received a foreclosure filing during the month.

 

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 by County – March 2008

 

County

NOD

LIS

NTS

NFS

REO

Total Filings

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

56,493

47,677

55,398

23,724

51,393

234,685

538

n/a

n/a

Illinois

0

6,194

199

688

1,542

8,623

603

0.89

n/a

 

 

 

 

 

 

 

 

 

 

Adams

0

0

0

0

1

1

30,252

0.02

0.02

Alexander

0

0

0

0

0

0

n/a

0.00

0.00

Bond

0

0

1

0

0

1

7,127

0.08

0.08

Boone

0

43

2

0

19

64

285

1.89

2.11

Brown

0

0

0

0

0

0

n/a

0.00

0.00

Bureau

0

0

0

1

0

1

15,553

0.03

0.04

Calhoun

0

0

0

0

0

0

n/a

0.00

0.00

Carroll

0

0

0

0

0

0

n/a

0.00

0.00

Cass

0

0

0

0

0

0

n/a

0.00

0.00

Champaign

0

49

0

0

9

58

1,421

0.38

0.42

Christian

0

0

0

0

0

0

n/a

0.00

0.00

Clark

0

0

0

0

0

0

n/a

0.00

0.00

Clay

0

0

0

0

0

0

n/a

0.00

0.00

Clinton

0

9

0

0

0

9

1,653

0.33

0.36

Coles

0

10

0

1

0

11

2,120

0.25

0.28

Cook

0

3,447

86

372

949

4,854

444

1.21

1.36

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

35

0

3

1

39

969

0.56

0.62

Dewitt

0

0

0

0

0

0

n/a

0.00

0.00

Douglas

0

0

0

1

0

1

8,298

0.06

0.07

Du Page

0

395

14

35

138

582

612

0.88

0.99

Edgar

0

0

2

0

0

2

4,409

0.12

0.14

Edwards

0

0

0

0

0

0

n/a

0.00

0.00

Effingham

0

0

1

0

1

2

7,266

0.07

0.08

Fayette

0

0

0

0

0

0

n/a

0.00

0.00

Ford

0

0

0

0

0

0

n/a

0.00

0.00

Franklin

0

0

1

1

0

2

9,208

0.06

0.07

Fulton

0

0

0

0

0

0

n/a

0.00

0.00

Gallatin

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

26

1

0

4

31

579

0.93

1.04

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

Hardin

0

0

0

0

0

0

n/a

0.00

0.00

Henderson

0

0

0

0

0

0

n/a

0.00

0.00

Henry

0

0

0

0

0

0

n/a

0.00

0.00

Iroquois

0

0

1

0

0

1

13,606

0.04

0.04

Jackson

0

1

0

0

0

1

27,885

0.02

0.02

Jasper

0

0

0

0

0

0

n/a

0.00

0.00

Jefferson

0

8

0

0

0

8

2,193

0.25

0.27

Jersey

0

0

0

0

0

0

n/a

0.00

0.00

Jo Daviess

0

0

0

0

0

0

n/a

0.00

0.00

Johnson

0

0

0

0

0

0

n/a

0.00

0.00

Kane

0

274

14

28

60

376

447

1.20

1.35

Kankakee

0

58

2

11

12

83

525

1.02

1.15

Kendall

0

61

1

11

3

76

406

1.32

1.48

Knox

0

0

0

1

0

1

23,981

0.02

0.03

La Salle

0

35

1

0

3

39

1,255

0.43

0.48

Lake

0

359

6

54

100

519

483

1.12

1.25

Lawrence

0

0

0

0

0

0

n/a

0.00

0.00

Lee

0

5

0

1

0

6

2,456

0.22

0.25

Livingston

0

0

0

0

0

0

n/a

0.00

0.00

Logan

0

0

0

0

0

0

n/a

0.00

0.00

Macon

0

0

0

0

0

0

n/a

0.00

0.00

Macoupin

0

0

1

1

0

2

11,032

0.05

0.05

Madison

0

125

3

9

3

140

831

0.65

0.73

Marion

0

0

0

1

0

1

18,441

0.03

0.03

Marshall

0

0

0

0

1

1

6,109

0.09

0.10

Mason

0

0

0

1

0

1

7,098

0.08

0.08

Massac

0

0

0

0

0

0

n/a

0.00

0.00

McDonough

0

0

0

1

0

1

14,134

0.04

0.04

McHenry

0

168

0

21

26

215

523

1.03

1.15

Mclean

0

43

3

8

6

60

1,121

0.48

0.54

Menard

0

0

0

0

0

0

n/a

0.00

0.00

Mercer

0

0

0

3

0

3

2,438

0.22

0.25

Monroe

0

6

0

0

0

6

2,092

0.26

0.29

Montgomery

0

0

0

0

0

0

n/a

0.00

0.00

Morgan

0

9

0

0

0

9

1,735

0.31

0.35

Moultrie

0

0

0

1

0

1

6,020

0.09

0.10

Ogle

0

20

2

0

0

22

991

0.54

0.61

Peoria

0

57

6

31

2

96

852

0.63

0.71

Perry

0

0

1

0

0

1

9,771

0.06

0.06

Piatt

0

0

0

0

0

0

n/a

0.00

0.00

Pike

0

0

0

0

0

0

n/a

0.00

0.00

Pope

0

0

0

0

0

0

n/a

0.00

0.00

Pulaski

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

5

0

0

0

5

2,730

0.20

0.22

Richland

0

0

0

0

0

0

n/a

0.00

0.00

Rock Island

0

51

1

1

10

63

1,037

0.52

0.58

Saint Clair

0

194

11

6

24

235

482

1.12

1.25

Saline

0

0

0

0

0

0

n/a

0.00

0.00

Sangamon

0

88

2

6

17

113

797

0.68

0.76

Schuyler

0

0

0

0

0

0

n/a

0.00

0.00

Scott

0

0

0

0

0

0

n/a

0.00

0.00

Shelby

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

22,149

0.02

0.03

Tazewell

0

17

0

5

0

22

2,545

0.21

0.24

Union

0

0

0

0

0

0

n/a

0.00

0.00

Vermilion

0

49

2

2

12

65

566

0.95

1.07

Wabash

0

0

0

0

0

0

n/a

0.00

0.00

Warren

0

0

0

0

0

0

n/a

0.00

0.00

Washington

0

0

0

0

0

0

n/a

0.00

0.00

Wayne

0

0

0

0

0

0

n/a

0.00

0.00

White

0

0

0

0

0

0

n/a

0.00

0.00

Whiteside

0

0

1

1

1

3

8,522

0.06

0.07

Will

0

382

15

54

132

583

384

1.40

1.57

Williamson

0

23

0

0

1

24

1,225

0.44

0.49

Winnebago

0

142

16

16

7

181

682

0.79

0.88

Woodford

0

0

1

0

0

1

14,677

0.04

0.04

 

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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