CHICAGO AREA FORECLOSURES DECREASE 22 PERCENT IN JULY

Area’s Foreclosure Rate Still Above National Average

Illinois Foreclosures Down 15 Percent

 

IRVINE, Calif. – Aug. 22, 2006 – Foreclosure filings in the Chicago metro area decreased 22 percent in July, the second straight month the region’s foreclosure activity has declined, according to the RealtyTrac™ 2006 U.S. Foreclosure Market Report. The 14-county metropolitan area reported 4,118 properties entering some stage of foreclosure and a foreclosure rate of one new foreclosure filing for every 841 households.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 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.

 

Chicago‘s foreclosure rate was second highest among five major metropolitan areas analyzed by RealtyTrac. Dallas-Fort Worth documented a higher foreclosure rate than Chicago, but New York, Philadelphia and Los Angeles all documented lower foreclosure rates than Chicago.

 

“After a four-month climb earlier this year, Chicago foreclosures appear to have peaked and have now declined for two straight months,” said James J. Saccacio, chief executive officer of RealtyTrac. “Although the region’s foreclosure rate remains above the national average, this decline indicates that the area’s low unemployment rate and modest but steady home price appreciation are so far keeping a rein on foreclosure activity.

 

Cook County reported 2,684 properties entering some stage of foreclosure, a 20 percent decrease from the previous month and a foreclosure rate of one new foreclosure filing for every 781 households — 1.6 times the national average.

 

Will County recorded the highest county foreclosure rate in the metropolitan area, with one new foreclosure filing for every 443 households — 2.8 times the national average. The county reported 396 properties entering some stage of foreclosure, an 8 percent decline from the previous month.

 

Most of the other collar counties around Chicago also reported decreasing foreclosure activity in July. Kendall County led the way a 52 percent decrease. Du Page County reported 198 new foreclosure filings, a 30 percent decrease; Kane County reported 218 new foreclosure filings, a 40 percent decrease; and Lake County reported 268 new foreclosure filings, a 42 percent decrease.

 

De Kalb County was one of just two counties in the region with increasing foreclosure activity in July. The county reported 43 properties entering some stage of foreclosure, an 8 percent increase and a foreclosure rate of one new foreclosure filing for every 767 households — 1.6 times the national average.

 

Illinois reported 5,018 properties entering some stage of foreclosure in July, a 15 percent decrease from the previous month but still a 21 percent increase from July 2005. The state’s foreclosure rate of one new foreclosure filing for every 975 households registered above the national average.

 

After hitting its lowest point year to date in June, U.S. foreclosure activity bounced 5 percent higher in July, with 92,845 properties entering some stage of foreclosure during the month — a foreclosure rate of one new foreclosure filing for every 1,245 households.

 

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 – July 2006

 

 

Area

NODs

NTSs

NFSs

 

LISs

REOs

Total

1 for every #households

%Change from previous month

US

20,202

38,173

4,795

13,295

16,380

92,845

1,245

5.27

Illinois

1,765

242

684

1,682

645

5,018

975

-14.66

Chicago Metro

1,556

250

549

1,178

585

4,118

841

-21.726

Cook County, IL

1,018

130

401

758

377

2,684

781

-19.520

De Kalb County, IL

15

1

8

18

1

43

767

7.500

Du Page County, IL

89

12

11

75

11

198

1,695

-30.035

Grundy County, IL

8

0

0

0

4

12

1,253

1100.000

Kane County, IL

108

7

15

65

23

218

638

-40.437

Kendall County, IL

4

2

1

6

0

13

1,501

-51.852

Lake County, IL

92

19

38

88

31

268

843

-41.866

McHenry County, IL

55

13

22

62

14

166

560

-12.632

Will County, IL

160

57

53

106

20

396

443

-7.477

Jasper County, IN

0

0

0

0

2

2

5,618

-80.000

Lake County, IN

5

9

0

0

102

116

1,681

-1.695

Newton County, IN

0

0

0

0

0

0

 

 

Porter County, IN

1

0

0

0

0

1

57,616

0.000

Kenosha County, WI

1

0

0

0

0

1

59,989

0.000

 

 

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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