ILLINOIS FORECLOSURES INCREASE 20 PERCENT IN DECEMBER

Activity Up 43 Percent From a Year Ago; Foreclosure Rate in Nation’s Top 10

 

IRVINE, Calif. – Jan. 25, 2008 – Illinois reported 9,864 foreclosure filings in December, a 20 percent increase from the previous month, and a 43 percent increase from December 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report. The state’s foreclosure rate, one foreclosure filing for every 522 households, was 1.1 times the national average, ranking it ninth highest in the nation.

 

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 spiked to the highest level seen all year in December and is well ahead of the activity level reported for the same month last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Much of this latest increase in activity can be explained by the use of adjustable rate mortgages for home purchases during the boom years which are now resetting to much higher interest rates, causing homeowners in Illinois to struggle making the higher payments.”

 

Total foreclosure activity in the Prairie State ranked seventh highest in the nation for December, well behind national leader California which reported 53,292 foreclosure filings for the month. Second ranked Florida reported 31,219 foreclosure filings, while third place Texas had 12,253 filings and fourth place Ohio tallied 12,066 foreclosure filings for December. Michigan reported the fifth highest foreclosure total in the nation, reporting 11,644 foreclosure filings for the month. The remaining states in the nation’s top 10 for total foreclosure filings in December were Nevada, Georgia, Arizona and Colorado.

 

Cook County leads the state in foreclosure total for December

Cook County led all counties in total foreclosure activity by a wide margin in December, reporting 5,777 foreclosure filings — nearly 59 percent of the state total. Du Page County reported the second highest total for the month with 702 foreclosure filings. Will County tallied the third highest with 659 foreclosure filings. Lake County was fourth with 561 foreclosure filings. Kane County rounded out the state’s top five, reporting 412 filings in the foreclosure pipeline for December.

 

Kendall County posts highest foreclosure rate in the state

Kendall County posted the highest county foreclosure rate in Illinois for December, one foreclosure filing for every 217 households — 2.4 times the state average and 2.7 times the national average. Will County came in second with a rate of one foreclosure filing for every 328 households — 1.6 times the state average and 1.8 times the national average. Cook County posted the third highest rate, one foreclosure filing for every 371 households — 1.4 times the state average and 1.6 times the national average. Kane County posted the fourth highest rate, one foreclosure filing for every 397 households — 1.3 times the state average and 1.5 times the national average.

 

State a major contributor to nation’s monthly foreclosure total

Total filings in Illinois accounted for 5 percent of the 215,749 foreclosure filings reported nationwide in December. The national total represents a 7 percent increase from the previous month, and is 97 percent above the total reported for December 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 577 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 – December 2007

 

County

NOD

NTS

NFS

LIS

REO

Total Filings

Households per Filing

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

46,182

54,280

18,488

47,945

48,854

215,749

577

n/a

n/a

Illinois

0

81

1,163

7,381

1,239

9,864

522

1.11

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

1

0

1

2

3,518

0.16

0.15

Boone

0

3

0

25

3

31

573

1.01

0.91

Brown

0

0

0

0

0

0

n/a

0.00

0.00

Bureau

0

0

0

1

0

1

15,525

0.04

0.03

Calhoun

0

0

0

0

0

0

n/a

0.00

0.00

Carroll

0

1

0

0

0

1

8,193

0.07

0.06

Cass

0

0

0

0

0

0

n/a

0.00

0.00

Champaign

0

0

0

33

5

38

2,120

0.27

0.25

Christian

0

0

0

0

1

1

15,341

0.04

0.03

Clark

0

0

0

1

0

1

8,061

0.07

0.06

Clay

0

1

0

0

0

1

6,568

0.09

0.08

Clinton

0

0

0

8

0

8

1,833

0.31

0.28

Coles

0

0

2

18

12

32

729

0.79

0.72

Cook

0

39

799

4,248

691

5,777

371

1.56

1.41

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

10

41

3

54

675

0.86

0.77

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

3

67

545

87

702

503

1.15

1.04

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

1

0

1

2

9,213

0.06

0.06

Fulton

0

0

0

1

0

1

16,399

0.04

0.03

Gallatin

0

0

0

0

0

0

n/a

0.00

0.00

Greene

0

0

0

0

1

1

6,515

0.09

0.08

Grundy

0

0

1

15

0

16

1,086

0.53

0.48

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

1

0

0

1

13,580

0.04

0.04

Jackson

0

0

0

1

0

1

27,817

0.02

0.02

Jasper

0

0

0

0

0

0

n/a

0.00

0.00

Jefferson

0

0

0

0

0

0

n/a

0.00

0.00

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

40

322

50

412

397

1.45

1.31

Kankakee

0

1

2

58

21

82

523

1.10

1.00

Kendall

0

0

11

97

22

130

217

2.67

2.41

Knox

0

2

1

0

0

3

7,992

0.07

0.07

La Salle

0

2

0

20

19

41

1,184

0.49

0.44

Lake

0

6

87

386

82

561

440

1.31

1.19

Lawrence

0

0

0

0

0

0

n/a

0.00

0.00

Lee

0

0

0

0

0

0

n/a

0.00

0.00

Livingston

0

1

0

0

0

1

15,571

0.04

0.03

Logan

0

1

0

0

0

1

12,011

0.05

0.04

Macon

0

0

1

33

12

46

1,122

0.51

0.46

Macoupin

0

0

0

0

0

0

n/a

0.00

0.00

Madison

0

3

2

137

44

186

619

0.93

0.84

Marion

0

0

0

0

0

0

n/a

0.00

0.00

Marshall

0

0

0

2

0

2

3,056

0.19

0.17

Mason

0

0

0

0

0

0

n/a

0.00

0.00

Massac

0

1

0

0

0

1

7,121

0.08

0.07

McDonough

0

0

0

0

0

0

n/a

0.00

0.00

McHenry

0

0

18

192

38

248

441

1.31

1.18

Mclean

0

2

0

61

10

73

911

0.63

0.57

Menard

0

0

0

0

0

0

n/a

0.00

0.00

Mercer

0

0

0

1

0

1

7,238

0.08

0.07

Monroe

0

0

0

8

0

8

1,529

0.38

0.34

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

1

0

0

0

1

5,942

0.10

0.09

Ogle

0

0

0

1

0

1

21,557

0.03

0.02

Peoria

0

0

0

46

4

50

1,623

0.36

0.32

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

2

0

6

0

8

1,698

0.34

0.31

Richland

0

0

0

0

0

0

n/a

0.00

0.00

Rock Island

0

0

1

60

28

89

731

0.79

0.71

Saint Clair

0

3

0

146

15

164

680

0.85

0.77

Saline

0

0

0

0

0

0

n/a

0.00

0.00

Sangamon

0

1

2

84

45

132

677

0.85

0.77

Schuyler

0

0

0

0

0

0

n/a

0.00

0.00

Scott

0

0

0

0

1

1

2,556

0.23

0.20

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

1

0

0

1

2

11,049

0.05

0.05

Tazewell

0

0

0

16

8

24

2,306

0.25

0.23

Union

0

0

0

0

0

0

n/a

0.00

0.00

Vermilion

0

0

0

12

7

19

1,938

0.30

0.27

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

1

0

0

1

8,211

0.07

0.06

White

0

0

0

0

0

0

n/a

0.00

0.00

Whiteside

0

1

0

0

0

1

25,464

0.02

0.02

Will

0

4

84

549

22

659

328

1.76

1.59

Williamson

0

0

0

19

1

20

1,456

0.40

0.36

Winnebago

0

2

31

188

4

225

541

1.07

0.96

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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