Chicago Area Foreclosures Decrease 14 Percent in June

CHICAGO AREA FORECLOSURES DECREASE 14 PERCENT IN JUNE

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Illinois Foreclosures Down Eight Percent

Chicago Foreclosure Rate Still Above National Average

 

IRVINE, Calif. – July 18, 2006 Foreclosure filings in the Chicago metro area decreased 14 percent in June, ending four consecutive months of climbing foreclosure activity in the region, according to the RealtyTrac™ 2006 Monthly U.S. Foreclosure Market Report. The 14-county metropolitan area reported 5,261 properties entering some stage of foreclosure and a foreclosure rate of one new foreclosure filing for every 658 households.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 600,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, AOL Real Estate and Knight Ridder Online.

 

“Although Chicago foreclosures fell substantially in June, the decline was not enough to offset the

run-up in foreclosures that the city reported over the four previous months,” said James J. Saccacio, chief executive officer of RealtyTrac. “The region’s foreclosure rate is still above the national average and second highest among the nation’s top five metro areas.”

 

Chicago‘s foreclosure rate was nearly two times the national average and higher than the foreclosure rates in New York, Los Angeles and Philadelphia. It was lower than the foreclosure rate in Dallas-Fort Worth.

 

Cook County reported 3,335 properties entering some stage of foreclosure in June, a 20 percent decrease from the previous month and a foreclosure rate of one new foreclosure filing for every 629 households — two times the national average and 1.3 times the state average.

 

Most of the collar counties around Chicago reported decreasing foreclosures in June, but only Grundy County, which recorded just one new foreclosure filing, documented a foreclosure rate below the national average.

 

Lake and Kane counties were the only collar counties with increasing foreclosures in June. Lake County reported 461 properties entering some stage of foreclosure, a 12 percent increase from the previous month a foreclosure rate of one new foreclosure filing for every 490 households — 2.7 times the national average. Thanks to a 69 percent increase in foreclosure activity, Kane County documented the highest foreclosure rate in the Chicago metropolitan area — one new foreclosure filing for every 380 households.

 

Illinois reported 5,880 properties entering some stage of foreclosure in June, an 8 percent decrease from the previous month but still a 56 percent increase from June 2005. The state’s foreclosure rate of one new foreclosure filing for every 832 households continued to register above the national average.

 

With 88,195 nationwide properties entering some stage of foreclosure in June, U.S. foreclosure activity decreased 5 percent from the previous month but was up 17 percent from June 2005. The nation’s foreclosure rate of one new foreclosure filing for every 1,311 households dropped to its lowest level of the year but was still higher than in any month last year.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, statewide and by county in the Chicago Metropolitan Statistical Area over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures – Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures – 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 re-purchased by a bank).

 

Chicago Area Foreclosure Market Statistics by County – June 2006

 

 

Area

NODs

NTSs

NFSs

 

LISs

REOs

Total

#Households for every foreclosure

%Change from May

US

21,866

38,382

2,966

9,598

15,383

88,195

1,311

-4.91

Illinois

3,940

1,274

0

0

666

5,880

832

-7.53

Chicago Metro

3,474

1,247

0

0

540

5,261

658

-13.811

Cook County, IL

2,274

818

0

0

243

3,335

629

-19.812

De Kalb County, IL

19

17

0

0

4

40

825

-23.077

Du Page County, IL

185

79

0

0

19

283

1,186

-31.807

Grundy County, IL

1

0

0

0

0

1

15,040

-83.333

Kane County, IL

251

70

0

0

45

366

380

69.444

Kendall County, IL

18

8

0

0

1

27

723

-6.897

Lake County, IL

311

100

0

0

50

461

490

12.165

McHenry County, IL

114

51

0

0

25

190

489

-1.042

Will County, IL

295

89

0

0

44

428

410

-1.835

Jasper County, IN

0

2

0

0

8

10

1,124

150.000

Lake County, IN

6

11

0

0

101

118

1,652

-34.444

Newton County, IN

0

0

0

0

0

0

 

 

Porter County, IN

0

1

0

0

0

1

57,616

0.000

Kenosha County, WI

0

1

0

0

0

1

59,989

-66.667

 

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by ComScore Media Metrix, 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 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 AOL Real Estate, MSN Real Estate and Yahoo! Real Estate. For more information, visit www.realtytrac.com.

 

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Media Contacts:
Michelle Schneider
949.502.8300 Ext. 139
michelle.schneider@realtytrac.com

Christine Stricker
949.502.8300 Ext. 268
christine.stricker@realtytrac.com

Detailed & Historical Data:
Tyler White
949.502.8300 Ext. 158
tyler.white@realtytrac.com

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