Illinois Foreclosure Activity Drops in February

Statewide filings down 27 percent from month ago

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 9,592 Illinois properties in February, a 27 percent drop in foreclosure activity from January and 45 percent below the level reported for February 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The state’s activity level was down at every stage of the foreclosure process during the month, led by the number of default notices down 33 percent, auction notices down 23 percent and bank repossessed properties (REOs) down 12 percent from the previous month. One in every 552 Illinois housing units received a foreclosure filing in February, making it the state with the nation’s 11th highest foreclosure rate for the month.

 

Unemployment continued to trend downwards in Illinois for February, reporting a rate of 8.9 percent, the 13th consecutive monthly decline in joblessness since its most recent high of 11.2 percent back in January 2010.

 

California led all states in foreclosure activity once again, reporting 15,485 properties with foreclosure filings. Florida was second, reporting 18,760 properties with foreclosure filings. Arizona came in third, tallying 15,485 properties with foreclosure filings. Fourth highest was Michigan, where 14,003 properties with foreclosure filings were reported. Georgia was fifth highest, reporting 12,807 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 included number six Texas, reporting 11,562 properties with foreclosure filings), the Prairie State at number seven with 9,592 properties with foreclosure filings. Nevada placed eighth in the nation with 9,553 properties with foreclosure filings. Ohio came in ninth, reporting 8,598 filings and Wisconsin filled out the nation’s top ten with 4,478 properties with foreclosure filings. The top 10 states accounted for 72 percent of the nation’s total foreclosure activity for the month.

 

Kendall County posts state’s top foreclosure rate in February

With one in every 174 housing units receiving a foreclosure filing in February — 3.3 times the national average and 3.2 times the state average — Kendall County posted the highest foreclosure rate of all Illinois counties. Will County had the second highest rate, with one in every 279 housing units receiving a foreclosure filing during the month — 2.1 times the national average and twice the state average. One in every 293 housing units in Kane County received a foreclosure filing, the third highest foreclosure rate in the state — twice the national average and 1.9 times the state average.

 

 

Cook County dominates state foreclosure totals in February

Reporting 4,656 properties with foreclosure filings, Cook kept its status at the statewide leader in foreclosure activity. Will County reported 834 properties with foreclosure filings, the second highest foreclosure total in the state. Lake County came in third, reporting 828 properties with foreclosure filings. Du Page County was fourth, tallying 662 properties with foreclosure filings. Fifth highest was Kane County, where 597 properties with foreclosure filings were reported for the month.

 

State a significant contributor to nation’s foreclosure total in February

Four percent of the 225,101 properties with foreclosure filings reported nationwide in February were located in Illinois. Total U.S. activity decreased by nearly 14 percent from January, and was down 27 percent from the level reported in February 2010. One in every 577 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure activity dropped to a 36-month low in February as allegations of improper foreclosure processing continued to dog the mortgage servicing industry and disrupt court dockets,” said James J. Saccacio, chief executive officer of RealtyTrac. “While a small part of February’s decrease can be attributed to it being a short month and bad weather, the bottom line is that the industry is in the midst of a major overhaul that has severely restricted its capacity to process foreclosures. We expect to see the numbers bounce back, but that will likely take several months. And monthly volume may never return to its peak in March 2010 of more than 367,000 properties receiving foreclosure filings.”

 

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 – February 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

32,184

30,981

79,195

18,098

64,643

225,101

577

n/a

n/a

Illinois

0

5,568

0

1,471

2,553

9,592

552

1.05

n/a

 

 

 

 

 

 

 

 

 

 

Kendall

0

122

0

51

27

200

174

3.31

3.16

Will

0

425

0

139

270

834

279

2.07

1.98

Kane

0

331

0

84

182

597

293

1.97

1.89

McHenry

0

254

0

75

65

394

294

1.96

1.87

Lake

0

517

0

108

203

828

308

1.88

1.79

 


 

Illinois Top Foreclosure Totals by County – February 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 11

% Chg Feb 10

 

 

 

 

 

 

 

 

 

 

United States

32,184

30,981

79,195

18,098

64,643

225,101

577

-13.86

-27.04

Illinois

0

5,568

0

1,471

2,553

9,592

552

-27.13

-44.59

 

 

 

 

 

 

 

 

 

 

Cook

0

2,625

0

758

1,273

4,656

470

-35.82

-52.21

Will

0

425

0

139

270

834

279

-12.03

-31.36

Lake

0

517

0

108

203

828

308

7.53

-34.49

Du Page

0

411

0

73

178

662

544

-41.05

-47.17

Kane

0

331

0

84

182

597

293

-22.87

-45.43

 

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