ILLINOIS FORECLOSURES INCREASE 18 PERCENT IN MARCH

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

State’s Activity Up 70 Percent From a Year Ago

 

IRVINE, Calif. – March 23, 2007 – Illinois documented 7,819 foreclosure filings in March, an 18 percent increase from the previous month, and a 70 percent increase from March 2006, 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 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.

 

Illinois saw a sizable increase in foreclosures last month — likely due to the surge in defaults in the subprime market,” said James J. Saccacio, chief executive officer of RealtyTrac.

 

Illinois documented the sixth highest foreclosure total in the nation for March, well behind top-rated California, which led the nation with 31,434 foreclosure filings. Reporting 14,303 foreclosures filings, Florida was securely in second place, followed by third place Texas with 12,755 foreclosure filings in March. Michigan took fourth, reporting 8,610 foreclosure filings, while Ohio came in fifth with 8,222 properties in the foreclosure pipeline. The Top 10 was rounded out by Georgia, which posted 6,769 foreclosure filings, followed by Colorado, with 6,267 foreclosure filings, New Jersey, with 4,780 foreclosure filings and Nevada, with 4,738 foreclosure filings.

 

Illinois’ foreclosure rate of one foreclosure filing for every 625 households ranked 10th among the 50 states.

 

Cook County leads the state in foreclosure total

Cook County far and away led all counties in foreclosure activity for March, reporting 4,525 foreclosure filings — 58 percent of the state total. Will County reported the second highest foreclosure total, with 533 foreclosure filings. Kane County tallied the third highest foreclosure total in the state, with 497 foreclosure filings. Winnebago County reported the fourth highest foreclosure total, with 439 foreclosure filings. Lake County rounded out the state’s top five, reporting 377 filings in the foreclosure pipeline in March.

 

Winnebago County posts highest foreclosure rate

Winnebago County posted the highest foreclosure rate in the state for March, with one foreclosure filing for every 261 households — 2.4 times the state average and nearly three times the national average. Kane County posted the second highest foreclosure rate, with one foreclosure filing for every 280 households — 2.2 times the state average and 2.8 times the national average. Will County posted the third highest foreclosure rate, with one foreclosure filing for every 329 households — 1.9 times the state average and 2.4 times the national average. McHenry County posted the fourth highest foreclosure rate, reporting one foreclosure filing for every 434 households, and Cook County came in fifth with one foreclosure filing for every 463 households.

 

State makes significant contribution to national total

Total foreclosure filings in Illinois accounted for 5 percent of the 149,150 foreclosure filings nationwide in March. The national total was up almost 7 percent from the previous month, and surged 47 percent from March 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 775 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 – March 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

47,134

51,203

8,906

19,416

22,491

149,150

775

n/a

n/a

Illinois

5

104

579

6,323

808

7,819

625

1.24

n/a

 

 

 

 

 

 

 

 

 

 

Adams

0

0

1

0

0

1

29,386

0.03

0.02

Bond

0

0

0

1

0

1

6,690

0.12

0.09

Boone

0

0

1

11

4

16

963

0.80

0.65

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

43

6

49

1,536

0.50

0.41

Clinton

0

0

0

6

2

8

1,726

0.45

0.36

Coles

0

0

0

7

2

9

2,530

0.31

0.25

Cook

1

56

335

3,706

427

4,525

463

1.67

1.35

De Kalb

0

0

2

27

2

31

1,064

0.73

0.59

Dewitt

0

1

0

0

0

1

7,282

0.11

0.09

Douglas

0

0

0

0

0

0

n/a 

0.00

0.00

Du Page

0

3

35

401

22

461

728

1.06

0.86

Edgar

0

0

1

0

0

1

8,611

0.09

0.07

Effingham

0

0

1

0

0

1

13,959

0.06

0.04

Fayette

0

0

1

0

0

1

9,053

0.09

0.07

Ford

0

0

0

0

0

0

n/a 

0.00

0.00

Franklin

0

0

2

1

0

3

6,035

0.13

0.10

Fulton

0

1

0

0

0

1

16,240

0.05

0.04

Grundy

0

1

1

17

1

20

752

1.03

0.83

Henry

0

1

1

0

0

2

10,635

0.07

0.06

Iroquois

0

0

0

0

0

0

n/a 

0.00

0.00

Jefferson

0

1

0

0

0

1

16,990

0.05

0.04

Jersey

0

0

0

0

0

0

n/a 

0.00

0.00

Kane

0

6

28

441

22

497

280

2.77

2.24

Kankakee

0

0

3

31

7

41

990

0.78

0.63

Kendall

0

0

4

45

1

50

390

1.99

1.60

Knox

0

0

0

1

0

1

23,717

0.03

0.03

La Salle

0

0

2

0

0

2

23,219

0.03

0.03

Lake

0

3

29

328

17

377

599

1.29

1.04

Lee

0

0

0

2

0

2

7,155

0.11

0.09

Livingston

0

0

1

0

0

1

15,297

0.05

0.04

Macon

0

0

1

15

19

35

1,435

0.54

0.44

Macoupin

0

1

0

0

0

1

21,097

0.04

0.03

Madison

2

4

4

105

29

144

757

1.02

0.83

Marion

0

1

0

2

0

3

6,007

0.13

0.10

Marshall

0

0

0

0

1

1

5,914

0.13

0.11

Mason

0

0

0

1

0

1

7,033

0.11

0.09

Massac

0

0

1

0

0

1

6,951

0.11

0.09

Mchenry

0

0

9

197

8

214

434

1.79

1.44

Mclean

0

0

1

37

12

50

1,199

0.65

0.52

Menard

0

1

0

0

0

1

5,285

0.15

0.12

Mercer

0

0

0

1

0

1

7,109

0.11

0.09

Monroe

0

0

0

9

1

10

1,075

0.72

0.58

Montgomery

0

1

0

0

0

1

12,525

0.06

0.05

Morgan

0

1

0

1

1

3

5,097

0.15

0.12

Moultrie

0

0

0

0

0

0

n/a 

0.00

0.00

Ogle

0

0

1

0

0

1

20,420

0.04

0.03

Peoria

0

3

2

42

25

72

1,086

0.71

0.58

Piatt

0

0

0

1

0

1

6,798

0.11

0.09

Pike

0

0

0

0

0

0

n/a 

0.00

0.00

Pulaski

0

0

1

0

0

1

3,353

0.23

0.19

Putnam

0

0

0

0

0

0

n/a 

0.00

0.00

Randolph

0

0

0

1

0

1

13,328

0.06

0.05

Rock Island

0

1

1

2

0

4

16,122

0.05

0.04

Saint Clair

0

0

2

66

10

78

1,339

0.58

0.47

Sangamon

0

1

3

43

20

67

1,276

0.61

0.49

Shelby

0

0

0

0

1

1

10,060

0.08

0.06

Stark

0

0

0

0

0

0

n/a 

0.00

0.00

Stephenson

0

1

0

1

0

2

10,857

0.07

0.06

Tazewell

1

1

2

22

6

32

1,655

0.47

0.38

Union

0

0

0

0

0

0

n/a 

0.00

0.00

Vermilion

0

0

2

0

0

2

18,175

0.04

0.03

Wabash

0

1

1

0

0

2

2,879

0.27

0.22

Whiteside

0

0

2

0

0

2

12,513

0.06

0.05

Will

1

8

42

384

98

533

329

2.35

1.90

Williamson

0

0

0

11

0

11

2,518

0.31

0.25

Winnebago

0

6

56

313

64

439

261

2.97

2.40

Woodford

0

0

0

1

0

1

13,487

0.06

0.05

 

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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