Illinois Foreclosure Activity Falls in February

Statewide filings down 7 percent from January; Rate sixth highest

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 13,298 Illinois properties in February, a 7 percent decrease from January, but still 39 percent above the level reported for February 2011, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

Illinois had the sixth highest foreclosure rate, reporting one in every 398 housing units with a foreclosure filing in February.

California continues to lead the nation in terms of total properties with foreclosure filings by a large margin, reporting 48,422 properties with foreclosure filings. Second ranked Florida reported 26,337 properties with foreclosure filings during the month. Illinois ranked third, followed by Georgia which moved up to the fourth highest total, reporting 12,356 properties with foreclosure filings. Michigan dropped a spot to fifth place, tallying 10,467 properties with foreclosure filings.

The remaining states that make up the nation’s top 10 in February include Texas (9,554), Ohio (9,445), Arizona (9,131), Pennsylvania (4,494) and Wisconsin (4,403). The top 10 accounted for 71 percent of the nation’s total foreclosure activity for the month.

Kendall County posts top foreclosure rate in the state for February
 One in every 201 housing units in Kendall County had a foreclosure filing in February — 3.2 times the national average and twice the state average — the highest foreclosure rate of all Illinois counties for the month. McHenry County had the second highest rate of one in every 205 housing units with a foreclosure filing during the month — 3.1 times the national average and 1.9 times the state average. Kane County had the third highest rate of one in every 222 housing units with a foreclosure filing during the month — 2.9 times the national average and 1.8 times the state average.

Cook County has top foreclosure total in February
 Cook County led the state by a large margin and had the highest foreclosure total, reporting 7,045 properties with foreclosure filings for the month. Lake County was second highest, reporting 1,013 properties with foreclosure filings. Will County was third, reporting 1,008 properties with foreclosure filings. Fourth highest was Du Page County, recording 929 properties with foreclosure filings. Kane County was fifth, tallying 820 properties with foreclosure filings for the month.

State the nation’s third largest contributor to total foreclosure activity in February
 Illinois accounted for 6 percent of the 206,900 properties with foreclosure filings reported nationwide in February. Total U.S. activity decreased by 2 percent from January and was down over 8 percent from the level reported in February 2011. One in every 637 U.S. housing units received a foreclosure filing during the month.

“February’s numbers point to a gradually rising foreclosure tide as some of the barriers that have been holding back foreclosures are removed,” said Brandon Moore, CEO of RealtyTrac. “Although national foreclosure activity was pushed lower by decreases in a handful of larger states, 21 states posted annual increases in foreclosure activity, the most states with annual increases since November 2010.

“The foreclosure and mortgage settlement filed in court earlier this week will help pave the way to a properly functioning foreclosure process by providing a clear roadmap for necessary foreclosures,” Moore continued. “That should result in more states posting annual increases in the coming months. Not surprisingly, many of the biggest annual increases in February were in states with the more bureaucratic judicial foreclosure process, which resulted in a larger backlog of foreclosures built up over the last 18 months in those states.”

Illinois Top Foreclosure Rates By County – February 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

23,058

35,828

60,700

23,480

63,834

206,900

637

n/a

n/a

Illinois

0

5,710

0

3,970

3,618

13,298

398

1.60

n/a

 

 

 

 

 

 

 

 

 

 

Kendall

0

84

0

83

34

201

201

3.17

1.99

McHenry

0

267

0

159

140

566

205

3.10

1.94

Kane

0

272

0

355

193

820

222

2.87

1.79

Will

0

439

0

335

234

1,008

236

2.70

1.69

Boone

0

36

0

39

5

80

250

2.55

1.60

 Illinois Top Foreclosure Totals by County – February 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 12

% Chg Feb 11

 

 

 

 

 

 

 

 

 

 

United States

23,058

35,828

60,700

23,480

63,834

206,900

637

-1.92

-8.09

Illinois

0

5,710

0

3,970

3,618

13,298

398

-7.32

38.64

 

 

 

 

 

 

 

 

 

 

Cook

0

3,106

0

1,894

2,045

7,045

309

-17.26

51.31

Lake

0

438

0

247

328

1,013

257

3.47

22.34

Will

0

439

0

335

234

1,008

236

10.16

20.86

Du Page

0

379

0

243

307

929

383

10.46

40.33

Kane

0

272

0

355

193

820

222

-4.98

37.35

 

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