Foreclosure Activity in Illinois Down in July

Statewide filings down 4 percent from June; State’s foreclosure rate nation’s 9th highest

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 10,627 Illinois properties in July, down 4 percent from June and 46 percent below the level reported for July 2010, according to the latest 2011 RealtyTrac® Foreclosure Market Report. The state had the ninth highest foreclosure rate nationally, reporting one in every 498 housing units receiving a foreclosure filing.

 

California continues to lead the nation in total foreclosures by a wide margin, reporting 56,193 properties with foreclosure filings. Florida maintains the second highest total, with 22,377 properties with foreclosure filings. Third highest total was in Georgia, where 11,461 properties with foreclosure filings were reported. Michigan barely beat out Illinois for fourth highest total, reporting 10,894 properties with foreclosure filings compared to the 10,627 properties with foreclosure filings reported by Illinois. The remaining states in the nation’s top 10 foreclosure totals during July included Texas (10,571), Arizona (10,098), Nevada (9,930), Ohio (8,376) and Wisconsin (4,534).

 

Kendall County posts top foreclosure rate for July

Kendall posted the top county foreclosure rate in Illinois for July, with one in every 213 housing units receiving a foreclosure filing — 2.9 times the national average. Lake County had the second highest foreclosure rate for July, with one in every 264 housing units receiving a foreclosure filing — 2.3 times the national average. McHenry County was third highest for July, with one in every 313 housing units receiving a foreclosure filing — twice the national average e.

 

Cook County has top foreclosure total for July

Cook County had the highest total, reporting 5,369 properties with foreclosure filings for July. Lake County was second highest, reporting 966 properties with foreclosure filings. Will County came in third, tallying 732 properties with foreclosure filings. Fourth highest was Du Page County, where 582 properties with foreclosure filings were reported. Kane County was fifth, reporting 513 properties with foreclosure filings for July.

 

State the fifth largest contributor to nation’s foreclosure total in July

Illinois accounted for 5 percent of the 212,764 properties with foreclosure filings reported nationwide in July. Total U.S. activity decreased 4 percent from June, and was down 35 percent from the level reported for July 2010. One in every 611 U.S. housing units received a foreclosure filing during July.

 

“July foreclosure activity dropped 35 percent from a year ago, marking the 10th straight month of year-over-year decreases in foreclosure activity and the lowest monthly total since November 2007,” said James J. Saccacio, chief executive officer of RealtyTrac. “This string of decreases was initially triggered by the robo-signing controversy back in October 2010, which forced lenders to substantially slow the pace of foreclosing, but the downward trend in foreclosure activity has now taken on a life of its own. It appears that the foreclosure processing delays, combined with the smorgasbord of national and state-level foreclosure prevention efforts — including loan modifications, lender-borrower mediations and mortgage payment assistance for the unemployed — may be allowing more distressed homeowners to stave off foreclosure. 

 

“Unfortunately, the falloff in foreclosures is not based on a robust recovery in the housing market but on short-term interventions and delays that will extend the current housing market woes into 2012 and beyond,” Saccacio continued. “A stabilizing economy and improving job market are the long-term keys to a housing market recovery.” 

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 Top Foreclosure Rates By County – July 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

28,070

31,446

65,404

20,015

67,829

212,764

611

n/a

n/a

Illinois

0

5,786

0

1,803

3,038

10,627

498

1.23

n/a

 

 

 

 

 

 

 

 

 

 

Kendall

0

64

0

68

32

164

213

2.87

2.34

Lake

0

519

0

251

196

966

264

2.32

1.89

McHenry

0

204

0

72

94

370

313

1.95

1.59

Will

0

321

0

141

270

732

317

1.92

1.57

De Kalb

0

56

0

37

26

119

330

1.85

1.51

 

 

 

Illinois Top Foreclosure Totals by County – July 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg. June 11

% Chg. July 10

 

 

 

 

 

 

 

 

 

 

United States

28,070

31,446

65,404

20,015

67,829

212,764

611

-4.48

-34.58

Illinois

0

5,786

0

1,803

3,038

10,627

498

-3.51

-45.79

 

 

 

 

 

 

 

 

 

 

Cook

0

3,159

0

624

1,586

5,369

408

-4.19

-50.50

Lake

0

519

0

251

196

966

264

37.61

-40.11

Will

0

321

0

141

270

732

317

-0.68

-50.14

Du Page

0

243

0

157

182

582

618

-34.61

-63.65

Kane

0

288

0

95

130

513

340

-9.20

-56.96

 

 

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