Illinois Foreclosures Fall in August Amid High Unemployment

Foreclosure activity in Illinois fell 10 percent in August to 13,078 properties with foreclosure filings, but still up 22 percent from the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 401 Illinois housing units received a foreclosure filing in August, the tenth highest foreclosure rate in the nation.

 

“Foreclosure activity dropped significantly in Illinois in August, though it remained well above the level reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Though unemployment remains high at 10 percent in the Prairie State, its struggling manufacturing sector gained more than 2,000 jobs over the month, thanks in part to the popular ‘Cash for Clunkers’ car-buying promotion.”

 

In August, Illinois had the sixth highest total in the nation. California maintained the top position with 92,326 properties with foreclosure filings in August, followed by Florida with 62,402 properties with foreclosure filings. Michigan took over the number three slot, reporting 19,359 properties with foreclosure filings for the month. Nevada narrowly remained in fourth place, documenting 17,902 properties with foreclosure filings, and Arizona, which fell two spots to fifth place, reported 17,807 properties with foreclosure filings.

 

Rounding out the nation’s top 10 states for total foreclosure filings in August were Georgia (11,947), Ohio (11,368), Texas (11,261) and New Jersey (8,316). Activity in the top five states accounted for 58 percent of all foreclosure filings in the nation for August.

 

Kendall County posts state’s top foreclosure rate in August

Kendall County posted the highest county foreclosure rate in the state for August, with one in every 145 housing units receiving a foreclosure filing — 2.8 times the state average. Kane County had the second highest foreclosure rate, with one in every 163 housing units receiving a foreclosure filing during the month — 2.5 times the state average. Saint Clair County posted the third highest foreclosure rate, where one in every 201 housing units received a foreclosure filing — twice the state average.

 

Cook County leads the state in foreclosure totals for August

Cook County tallied the highest activity level, tallying 5,414 properties with foreclosure filings for the month. DuPage County had the second highest total of foreclosure filings, documenting 1,174 properties with foreclosure filings. Reporting 1,131 properties with foreclosure filings for the month, Will County reported the third highest total in the state. Lake County was fourth highest, reporting 1,111 properties with foreclosure filings, while the fifth highest total was in Kane County, where 1,058 properties with foreclosure filings were reported for the month.

 

State a contributor to the nation’s foreclosure activity in August

Illinois accounted for 4 percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 U.S. housing units 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 Top Foreclosure Rates By County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

Illinois

0

6,892

1

3,056

3,129

13,078

401

0.89

n/a

 

 

 

 

 

 

 

 

 

 

Kendall

0

130

0

28

72

230

145

2.46

2.76

Kane

0

554

0

359

145

1,058

163

2.19

2.47

Saint Clair

0

167

0

5

399

571

201

1.78

2.00

Will

0

635

0

332

164

1,131

203

1.76

1.98

McHenry

0

253

1

182

71

507

226

1.58

1.78

 

 

Illinois Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

Illinois

0

6,892

1

3,056

3,129

13,078

401

-9.96

21.58

 

 

 

 

 

 

 

 

 

 

Cook

0

2,998

0

1,058

1,358

5,414

401

-31.87

-9.46

Du Page

0

668

0

257

249

1,174

306

13.21

52.67

Will

0

635

0

332

164

1,131

203

6.20

37.76

Lake

0

583

0

322

206

1,111

227

1.09

72.78

Kane

0

554

0

359

145

1,058

163

9.64

112.45

 

 

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