ILLINOIS FORECLOSURES INCREASE 21 PERCENT IN AUGUST

Statewide Filings Up 73 Percent From August 2007; Rate Ranked Top 10

 

IRVINE, Calif. – Sept. 26, 2008 – Illinois reported 10,757 properties with foreclosure filings in August, a 21 percent increase from the previous month, and 73 percent above the level reported for August 2007, according to the latest RealtyTrac™ U.S. Foreclosure Market Report. The state ranked seventh highest foreclosure total in the nation for the month.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 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 was at its highest level so far this year in August, and is still way ahead of a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment in the state tracked well above the national average at 7.3 percent for August, as the number of job seekers grows and employers trim their payrolls. Home prices have also gone negative. These two factors, taken together, are pushing many Illinois homeowners into foreclosure.

 

With a foreclosure rate of one in every 483 Illinois households receiving a foreclosure filing in August, Illinois ranks ninth highest among the 50 states.

 

Foreclosure activity in the Prairie State still lagged way behind national leader California, which reported 101,724 properties with foreclosure filings for the month. Illinois was also well behind second place Florida, which documented 44,000 properties with foreclosure filings. Arizona moved up into third place, reporting 14,333 properties with foreclosure filings. Michigan came in a close fourth, reporting 13,605 properties with foreclosure filings. Nevada fell to fifth place, reporting 11,706 properties with foreclosure filings for the month. The remaining states in the nation’s top 10 for total foreclosure filings in August were Ohio, Texas, Georgia and New Jersey.

 

Cook County leads the state in foreclosure activity for August

Once again, Cook County led all Illinois counties in foreclosure activity by a wide margin, reporting 5,980 properties with foreclosure filings in August — 56 percent of the state total. Second place Will County documented 821 properties with foreclosure filings, followed in third place by Du Page County which reported 769 properties with foreclosure filings. Fourth highest total was tallied in Lake County, reporting 643 properties with foreclosure filings for the month. Kane County was fifth highest, reporting 498 properties with foreclosure filings.

 

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

One in every 169 households in Kendall County received a foreclosure filing in August — 2.9 times the state average and 2.5 times the national average. Boone County reported the state’s second highest foreclosure rate, with one in every 210 households receiving a foreclosure filing — 2.3 times the state average and twice the national average. Will County posted the third highest foreclosure rate for the month, with one in every 273 households receiving a foreclosure filing — 1.8 times the state average and 1.5 times the national average.

 

State a major contributor to nation’s foreclosure total in August

Illinois accounted for 4 percent of the 303,879 properties with foreclosure filings reported nationwide in August. The national total represents an increase of 12 percent from the previous month and is 27 percent ahead of the total reported for August 2007. The nation’s foreclosure rate increased to one in every 416 U.S. households receiving 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 Data by County – August 2008

 

County

NOD

LIS

NTS

NFS

REO

Total Filings

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

61,903

57,156

69,693

24,234

90,893

303,879

416

n/a

n/a

Illinois

0

7,181

31

1,033

2,512

10,757

483

0.86

n/a

 

 

 

 

 

 

 

 

 

Adams

0

1

0

0

0

1

30,252

0.01

0.02

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

77

0

1

9

87

210

1.98

2.30

Brown

0

0

0

0

0

0

 n/a

0.00

0.00

Bureau

0

0

1

0

0

1

15,553

0.03

0.03

Calhoun

0

0

0

0

0

0

 n/a

0.00

0.00

Carroll

0

1

0

0

0

1

8,253

0.05

0.06

Cass

0

0

0

0

0

0

 n/a

0.00

0.00

Champaign

0

27

0

0

7

34

2,423

0.17

0.20

Christian

0

1

0

0

0

1

15,372

0.03

0.03

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

4

0

0

5

9

1,653

0.25

0.29

Coles

0

0

0

0

1

1

23,315

0.02

0.02

Cook

0

3,933

19

620

1,408

5,980

361

1.15

1.34

Crawford

0

0

0

0

1

1

8,973

0.05

0.05

Cumberland

0

0

0

1

1

2

2,527

0.16

0.19

De Kalb

0

55

0

4

4

63

600

0.69

0.81

Dewitt

0

0

0

0

0

0

 n/a

0.00

0.00

Douglas

0

1

0

0

1

2

4,149

0.10

0.12

Du Page

0

567

0

56

146

769

463

0.90

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

1

0

0

1

2

4,657

0.09

0.10

Ford

0

0

0

0

0

0

 n/a

0.00

0.00

Franklin

0

1

0

1

0

2

9,208

0.05

0.05

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

44

0

0

0

44

408

1.02

1.18

Hamilton

0

0

0

0

0

0

 n/a

0.00

0.00

Hancock

0

1

0

0

0

1

9,210

0.05

0.05

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

1

0

0

0

1

27,885

0.01

0.02

Jasper

0

0

0

0

0

0

 n/a

0.00

0.00

Jefferson

0

13

0

0

3

16

1,096

0.38

0.44

Jersey

0

0

0

0

0

0

 n/a

0.00

0.00

Jo Daviess

0

0

0

1

0

1

13,025

0.03

0.04

Johnson

0

0

0

0

0

0

 n/a

0.00

0.00

Kane

0

392

3

39

64

498

338

1.23

1.43

Kankakee

0

41

0

3

14

58

752

0.55

0.64

Kendall

0

125

0

15

43

183

169

2.46

2.86

Knox

0

1

0

2

0

3

7,994

0.05

0.06

La Salle

0

43

0

2

3

48

1,019

0.41

0.47

Lake

0

441

0

51

151

643

390

1.07

1.24

Lawrence

0

0

0

0

0

0

 n/a

0.00

0.00

Lee

0

7

0

0

0

7

2,105

0.20

0.23

Livingston

0

1

0

0

0

1

15,626

0.03

0.03

Logan

0

0

0

0

0

0

 n/a

0.00

0.00

Macon

0

63

0

8

21

92

563

0.74

0.86

Macoupin

0

0

0

0

0

0

 n/a

0.00

0.00

Madison

0

26

3

26

81

136

856

0.49

0.56

Marion

0

5

1

4

6

16

1,153

0.36

0.42

Marshall

0

2

0

0

0

2

3,055

0.14

0.16

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

227

1

33

68

329

342

1.22

1.42

Mclean

0

27

0

8

10

45

1,495

0.28

0.32

Menard

0

0

0

1

0

1

5,662

0.07

0.09

Mercer

0

0

0

0

0

0

 n/a

0.00

0.00

Monroe

0

10

0

0

4

14

897

0.46

0.54

Montgomery

0

0

0

0

0

0

 n/a

0.00

0.00

Morgan

0

5

0

1

0

6

2,602

0.16

0.19

Moultrie

0

1

0

0

0

1

6,020

0.07

0.08

Ogle

0

13

0

1

0

14

1,557

0.27

0.31

Peoria

0

25

0

8

25

58

1,410

0.29

0.34

Perry

0

0

0

1

0

1

9,771

0.04

0.05

Piatt

0

0

0

1

0

1

7,201

0.06

0.07

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

1

0

0

0

1

3,099

0.13

0.16

Randolph

0

6

0

0

1

7

1,950

0.21

0.25

Richland

0

1

0

0

0

1

7,728

0.05

0.06

Rock Island

0

29

0

0

6

35

1,866

0.22

0.26

Saint Clair

0

147

1

8

210

366

309

1.34

1.56

Saline

0

0

0

0

0

0

 n/a

0.00

0.00

Sangamon

0

41

0

6

10

57

1,580

0.26

0.31

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

5

0

10

1

16

1,384

0.30

0.35

Tazewell

0

3

0

3

1

7

7,999

0.05

0.06

Union

0

0

0

0

0

0

 n/a

0.00

0.00

Vermilion

0

20

0

0

15

35

1,051

0.40

0.46

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

1

1

7,630

0.05

0.06

Whiteside

0

0

1

0

0

1

25,565

0.02

0.02

Will

0

583

1

83

154

821

273

1.52

1.77

Williamson

0

7

0

0

2

9

3,266

0.13

0.15

Winnebago

0

155

0

34

34

223

554

0.75

0.87

Woodford

0

0

0

1

0

1

14,677

0.03

0.03

 

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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