Illinois Foreclosure Activity Falls in August

Filings decrease 14 percent from July; foreclosure rate No. 9 nationally

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 16,808 Illinois properties in August, a 14 percent decrease from the previous month but a 29 percent increase from August 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  One in every 314 Illinois housing units received a foreclosure filing during the month, the ninth highest state foreclosure rate in the nation.

 

“Illinois foreclosure activity dropped significantly in August, though the state’s number of filings remained well above the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment held steady at 10.2 percent for the month, above the national average and a major contributor to the state’s foreclosure problems.”

 

California continued as the state with the nation’s highest level of foreclosure activity, reporting 69,143 properties with foreclosure filings in August. Florida had the second highest total, tallying 56,877 properties with foreclosure filings for the month. Michigan was third highest, reporting 17,764 properties with foreclosure filings. Reporting 16,510 properties with foreclosure filings for the month, Arizona stayed in fifth place.

 

The remaining states in the nation’s top 10 for total foreclosure activity in August were Georgia (16,366), Texas (14,290), Ohio (13,479), Nevada (13,385) and Washington (6,760). In all, these states accounted for 71 percent of all foreclosure filings in the nation for the month.

 

Kendall County leads the state in foreclosure rate for August

Kendall County, where one in every 140 housing units received a foreclosure filing during the month, posted the top foreclosure rate in Illinois. One in every 174 housing units received a foreclosure filing in Will County, for the second highest rate in the state. Coming in third was Kane County, where one in every 181 housing units received a foreclosure filing in August. Fourth highest was McHenry County, where one in every 201 housing units received a foreclosure filing. Lake County came in fifth, with one in every 212 housing units receiving a foreclosure filing during the month.

 

Cook County posts top foreclosure total for August

Cook County led Illinois in total foreclosure activity for August, reporting 9,011 properties with foreclosure filings. Will County documented the second highest foreclosure activity, where 1,336 properties with foreclosure filings were reported. Du Page County came in third, tallying 1,254 properties with foreclosure filings. Fourth highest was Lake County, where 1,198 properties with foreclosure filings were reported. Kane County came in fifth, reporting 964 properties with foreclosure filings for the month.

 

State the fourth largest contributor to nation’s monthly foreclosure total

Illinois accounted for 5 percent of the 338,836 properties with foreclosure filings reported nationwide in August. Total U.S. activity increased by more than 4 percent from the previous month, but was down more than 5 percent from the level reported in August 2009. One in every 381 U.S. housing units received a foreclosure filing during the month.

 

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 – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

n/a

n/a

Illinois

0

6,912

0

5,412

4,484

16,808

314

1.21

n/a

 

 

 

 

 

 

 

 

 

 

Kendall

0

129

0

56

62

247

140

2.71

2.24

Will

0

615

0

428

293

1,336

174

2.19

1.81

Kane

0

466

0

299

199

964

181

2.11

1.74

McHenry

0

314

0

137

125

576

201

1.90

1.56

Lake

0

581

0

295

322

1,198

212

1.79

1.48

 

 

Illinois Top Foreclosure Totals by County – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

4.18

-5.48

Illinois

0

6,912

0

5,412

4,484

16,808

314

-14.25

28.52

 

 

 

 

 

 

 

 

 

 

Cook

0

3,236

0

3,233

2,542

9,011

242

-16.92

66.44

Will

0

615

0

428

293

1,336

174

-8.99

18.13

Du Page

0

518

0

446

290

1,254

287

-21.67

6.81

Lake

0

581

0

295

322

1,198

212

-25.73

7.83

Kane

0

466

0

299

199

964

181

-19.13

-8.88

 

 

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