ILLINOIS FORECLOSURES DECREASE 21 PERCENT IN JANUARY

State Activity Up 2 Percent From a Year Ago

 

IRVINE, Calif. – Feb. 26, 2008 – Illinois reported 7,807 foreclosure filings in January, the ninth highest foreclosure total in the country. The total represents a 21 percent decrease from the previous month, but is still 2 percent above the level reported for January 2007, 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.

 

“Although Illinois saw a slight month-to-month decrease in foreclosures activity in January, foreclosure filings in the Prairie State are still slightly elevated from a year earlier,” said James J. Saccacio, chief executive officer of RealtyTrac. But foreclosure activity could escalate again in Illinois as interest rates reset to higher levels later in the year on all those subprime adjustable rate mortgages.”

 

The state’s foreclosure rate, one foreclosure filing for every 659 households, below the national average, ranking it 17th highest in the nation.

 

Foreclosure activity in the Prairie State fell well short of national leader California which reported 57,158 foreclosure filings in January. Florida reported the nation’s second highest foreclosure total, more than 22,300 foreclosure filings above Illinois. Third place Texas had 6,800 more foreclosure filings than Illinois and fourth place Ohio had almost 4,900 more foreclosure filings than Illinois for the month. The remaining states in the nation’s top 10 foreclosure filings in January were Michigan, Georgia, Arizona, Massachusetts and Colorado.

 

Cook County leads the state in foreclosure total for January

Cook County led all counties in total foreclosure activity by a wide margin in January, reporting 4,474 foreclosure filings — 57 percent of the state total. Du Page County reported the second highest foreclosure total for the month with 491 foreclosure filings. Lake County came in third highest with 461 foreclosure filings. Kane County reported the fourth highest foreclosure total with 359 foreclosure filings. Will County rounded out the state’s top five, reporting 341 filings entering some stage of the foreclosure pipeline for January.

 

Vermilion County posts highest foreclosure rate

Vermilion County posted the highest county foreclosure rate in Illinois for January, one foreclosure filing for every 279 households — 2.4 times the state average and 1.9 times the national average. Kendall County posted the second highest foreclosure rate, one foreclosure filing for every 386 households — 1.7 times the state average and 1.4 times the national average. Winnebago County posted the third highest rate, one foreclosure filing for every 430 households — 1.2 times the state average and 1.5 times the national average. Grundy County ranked fourth highest, one foreclosure filing for every 445 households — 1.5 times the state average and 1.2 times the national average.

 

State a major contributor to nation’s total in January

Total filings in Illinois accounted for 3 percent of the 223,001 foreclosure filings reported nationwide in January. The national total represents an 8 percent increase from the previous month, and is 57 percent above the total reported for January 2007. The nation’s foreclosure rate increased to one foreclosure filing for every 534 U.S. households for 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 – January 2008

 

County

NOD

NTS

NFS

LIS

REO

Total Filings

Households per Filing

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

52,321

60,101

19,662

55,590

45,327

233,001

534

n/a

n/a

Illinois

0

0

1

6,270

1,536

7,807

659

0.81

n/a

 

 

 

 

 

 

 

 

 

 

Adams

0

0

0

0

0

0

n/a

0.00

0.00

Alexander

0

0

0

0

0

0

n/a

0.00

0.00

Bond

0

0

0

0

0

0

n/a

0.00

0.00

Boone

0

0

0

6

2

8

2,220

0.24

0.30

Brown

0

0

0

0

0

0

n/a

0.00

0.00

Bureau

0

0

0

0

0

0

n/a

0.00

0.00

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

0

0

37

5

42

1,918

0.28

0.34

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

0

0

7

0

7

2,095

0.26

0.31

Coles

0

0

0

13

10

23

1,014

0.53

0.65

Cook

0

0

0

3,641

833

4,474

479

1.12

1.38

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

0

44

7

51

714

0.75

0.92

Dewitt

0

0

0

0

0

0

n/a

0.00

0.00

Douglas

0

0

0

1

0

1

8,256

0.06

0.08

Du Page

0

0

0

440

51

491

719

0.74

0.92

Edgar

0

0

0

0

0

0

n/a

0.00

0.00

Edwards

0

0

0

0

0

0

n/a

0.00

0.00

Effingham

0

0

0

0

0

0

n/a

0.00

0.00

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

0

0

0

0

n/a

0.00

0.00

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

0

0

32

7

39

445

1.20

1.48

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

0

0

0

0

n/a

0.00

0.00

Jackson

0

0

0

0

0

0

n/a

0.00

0.00

Jasper

0

0

0

0

0

0

n/a

0.00

0.00

Jefferson

0

0

0

8

0

8

2,192

0.24

0.30

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

0

1

282

76

359

456

1.17

1.45

Kankakee

0

0

0

68

20

88

488

1.10

1.35

Kendall

0

0

0

67

6

73

386

1.39

1.71

Knox

0

0

0

3

0

3

7,992

0.07

0.08

La Salle

0

0

0

30

16

46

1,055

0.51

0.62

Lake

0

0

0

365

96

461

535

1.00

1.23

Lawrence

0

0

0

0

0

0

n/a

0.00

0.00

Lee

0

0

0

5

0

5

2,934

0.18

0.22

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

31

39

70

737

0.72

0.89

Macoupin

0

0

0

0

0

0

n/a

0.00

0.00

Madison

0

0

0

0

1

1

115,179

0.00

0.01

Marion

0

0

0

0

0

0

n/a

0.00

0.00

Marshall

0

0

0

0

0

0

n/a

0.00

0.00

Mason

0

0

0

0

0

0

n/a

0.00

0.00

Massac

0

0

0

0

0

0

n/a

0.00

0.00

McDonough

0

0

0

0

0

0

n/a

0.00

0.00

McHenry

0

0

0

123

33

156

702

0.76

0.94

Mclean

0

0

0

39

15

54

1,232

0.43

0.53

Menard

0

0

0

0

0

0

n/a

0.00

0.00

Mercer

0

0

0

0

0

0

n/a

0.00

0.00

Monroe

0

0

0

9

1

10

1,223

0.44

0.54

Montgomery

0

0

0

0

0

0

n/a

0.00

0.00

Morgan

0

0

0

8

0

8

1,953

0.27

0.34

Moultrie

0

0

0

0

0

0

n/a

0.00

0.00

Ogle

0

0

0

17

0

17

1,268

0.42

0.52

Peoria

0

0

0

57

29

86

943

0.57

0.70

Perry

0

0

0

0

0

0

n/a

0.00

0.00

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

0

0

9

2

11

1,235

0.43

0.53

Richland

0

0

0

0

0

0

n/a

0.00

0.00

Rock Island

0

0

0

67

27

94

692

0.77

0.95

Saint Clair

0

0

0

107

10

117

953

0.56

0.69

Saline

0

0

0

0

0

0

n/a

0.00

0.00

Sangamon

0

0

0

102

55

157

569

0.94

1.16

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

0

2

0

2

11,049

0.05

0.06

Tazewell

0

0

0

52

14

66

839

0.64

0.79

Union

0

0

0

0

0

0

n/a

0.00

0.00

Vermilion

0

0

0

103

29

132

279

1.92

2.36

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

0

1

0

1

25,464

0.02

0.03

Will

0

0

0

312

29

341

634

0.84

1.04

Williamson

0

0

0

18

4

22

1,324

0.40

0.50

Winnebago

0

0

0

164

119

283

430

1.24

1.53

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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