ILLINOIS FORECLOSURE ACTIVITY INCREASES 32 PERCENT IN FIRST QUARTER

State Activity Up 68 Percent From Q1 2008; Foreclosure Rate Ranks No. 5

Monthly Activity Up 8 percent in March, Surges 79 Percent From Year Ago

 

IRVINE, Calif. – April 27, 2009 – Foreclosure filings were reported on 38,966 Illinois properties in the first quarter of 2009, a 32 percent increase from the previous quarter and 68 percent ahead of the level reported for Q1 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 135 Illinois housing units received a foreclosure filing during the quarter, the fifth highest state foreclosure rate in the nation.

 

The Prairie State reported 15,398 properties with foreclosure filings in March, an 8 percent increase from the previous month and 79 percent above its March 2008 total.

 

Illinois foreclosures are the highest they’ve been since RealtyTrac first began reporting these numbers back in 2005,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state lost more than 230,000 jobs during the past year and saw one of the biggest declines in home sales in the country during 2008. These factors are keeping foreclosure activity here at peak levels.”

 

Illinois documented the fifth highest raw number of properties receiving foreclosure filings in the first quarter, below national leader California, Florida, Arizona and Nevada. Its foreclosure rate — one in every 135 housing units receiving a foreclosure filing during the quarter — was fifth highest behind Nevada, Arizona, California and Florida.

 

The remaining states with foreclosure rates in the nation’s top 10 for Q1 2009 were Michigan, Georgia, Idaho, Utah and Oregon.

 

Five counties account for bulk of state total for the quarter

Five Illinois counties accounted for 80 percent of the state’s overall foreclosure activity during the first quarter. Cook County had the highest foreclosure activity, reporting 20,493 properties with foreclosure filings. Will County was second, reporting 3,036 properties with foreclosure filings for the quarter. Du Page County was close behind in third, reporting 2,815 properties with foreclosure filings. Lake County registered the fourth highest total, documenting 2,762 properties with foreclosure filings. Fifth highest total was tallied in Kane County, where 2,256 properties with foreclosure filings were reported.

 

Kendall County posts state’s highest foreclosure rate for first quarter

With one in every 50 housing units receiving a foreclosure filing — 2.7 times the state average and 3.2 times the national average — Kendall County had the highest county foreclosure rate in the state for Q1 2009. Kane County came in second, with one in every 76 housing units receiving a foreclosure filing — 1.8 times the state average and 2.1 times the national average. Third highest rate was documented in Will County, where one in every 76 housing units received a foreclosure filing during the month — 1.8 times the state average and 2.1 times the national average.

 

State a significant contributor to nation’s foreclosure total for Q1 2009

Illinois accounted for 5 percent of the 803,489 properties with foreclosure filings reported nationwide for the first quarter of 2009. The national total represented a 9 percent increase in activity from the previous quarter and was almost 24 percent ahead of the total reported for Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the quarter  — broken out by type of filing at the county, state and national level. 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 filed against a property during the quarter — which is extremely rare — only the most recent filing is counted in the report.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

                              Illinois Foreclosure Market Data by County – Q1 2009

Properties with Foreclosure Filings

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

%Change from Q4 08

%Change from Q1 08

 

 

 

 

 

 

 

 

 

 

United States

156,933

149,852

225,752

80,409

190,543

803,489

159

9.16%

23.63%

Illinois

0

19,848

120

11,612

7,386

38,966

135

31.66%

67.85%

 

 

 

 

 

 

 

 

 

 

Adams

0

5

0

2

0

7

4,332

-80.00%

600.00%

Alexander

0

0

0

1

0

1

4,620

0.00%

Bond

0

7

0

3

0

10

717

-28.57%

Boone

0

8

1

68

109

186

100

1590.91%

60.34%

Brown

0

0

0

0

0

0

Bureau

0

4

0

6

0

10

1,557

233.33%

Calhoun

0

1

0

0

0

1

2,819

Carroll

0

3

0

2

0

5

1,661

400.00%

Cass

0

5

0

4

1

10

596

Champaign

0

52

1

40

32

125

671

52.44%

-17.76%

Christian

0

4

1

11

0

16

962

Clark

0

0

0

0

1

1

8,060

0.00%

0.00%

Clay

0

0

0

0

0

0

Clinton

0

15

0

3

11

29

518

31.82%

61.11%

Coles

0

31

0

13

11

55

425

-30.38%

22.22%

Cook

0

10,211

74

6,777

3,431

20,493

106

29.38%

66.08%

Crawford

0

3

0

0

0

3

2,985

200.00%

Cumberland

0

0

0

0

0

0

De Kalb

0

165

1

66

75

307

126

75.43%

94.30%

Dewitt

0

0

0

1

0

1

7,531

0.00%

Douglas

0

0

0

4

1

5

1,663

66.67%

400.00%

Du Page

0

1,431

5

919

460

2,815

127

63.47%

80.91%

Edgar

0

2

0

4

0

6

1,469

Edwards

0

1

0

0

0

1

3,293

Effingham

0

3

0

7

0

10

1,457

150.00%

Fayette

0

1

0

3

0

4

2,323

100.00%

Ford

0

0

0

1

1

2

3,122

-71.43%

Franklin

0

8

0

6

0

14

1,314

75.00%

Fulton

0

5

0

14

1

20

824

900.00%

Gallatin

0

0

0

3

0

3

1,060

200.00%

Greene

0

0

0

5

0

5

1,303

Grundy

0

38

1

3

13

55

334

-41.49%

-23.61%

Hamilton

0

0

0

1

0

1

4,078

0.00%

Hancock

0

0

0

3

1

4

2,300

300.00%

Hardin

0

0

0

0

0

0

Henderson

0

1

0

1

0

2

2,134

0.00%

Henry

0

6

0

12

1

19

1,143

111.11%

Iroquois

0

1

0

6

0

7

1,949

250.00%

Jackson

0

6

0

2

1

9

3,150

125.00%

800.00%

Jasper

0

0

0

1

0

1

4,442

Jefferson

0

20

0

12

12

44

398

-13.73%

100.00%

Jersey

0

3

0

5

0

8

1,224

166.67%

Jo Daviess

0

2

0

4

0

6

2,192

200.00%

Johnson

0

2

0

1

0

3

1,754

Kane

0

1,236

2

734

284

2,256

76

80.05%

89.90%

Kankakee

0

0

1

14

48

63

701

-8.70%

-74.60%

Kendall

0

345

2

137

181

665

50

47.12%

200.90%

Knox

0

11

0

18

121

150

160

7400.00%

2400.00%

La Salle

0

87

0

33

20

140

352

-23.91%

-5.41%

Lake

0

1,557

6

742

457

2,762

91

26.47%

85.99%

Lawrence

0

2

0

0

0

2

3,573

Lee

0

2

0

12

6

20

739

122.22%

100.00%

Livingston

0

3

0

2

0

5

3,133

25.00%

Logan

0

9

0

13

0

22

547

2100.00%

Macon

0

106

0

37

26

169

308

-39.43%

39.67%

Macoupin

0

8

0

22

0

30

737

30.43%

1400.00%

Madison

0

342

0

19

156

517

227

-29.85%

14.63%

Marion

0

4

1

5

2

12

1,534

-78.18%

Marshall

0

0

0

4

0

4

1,536

300.00%

300.00%

Mason

0

2

1

1

0

4

1,774

100.00%

300.00%

Massac

0

2

0

4

1

7

1,026

600.00%

Mcdonough

0

1

0

3

0

4

3,575

300.00%

Mchenry

0

727

4

333

215

1,279

89

26.26%

112.11%

Mclean

0

149

1

19

115

284

239

70.06%

86.84%

Menard

0

2

0

9

0

11

517

1000.00%

Mercer

0

4

0

4

1

9

813

350.00%

800.00%

Monroe

0

26

0

9

10

45

284

55.17%

104.55%

Montgomery

0

5

0

7

0

12

1,057

140.00%

Morgan

0

0

0

5

13

18

869

12.50%

-43.75%

Moultrie

0

2

0

1

0

3

2,014

0.00%

Ogle

0

58

0

11

26

95

232

33.80%

79.25%

Peoria

0

136

1

35

86

258

319

25.24%

-7.53%

Perry

0

1

0

2

0

3

3,247

200.00%

Piatt

0

2

0

1

0

3

2,414

Pike

0

0

0

1

0

1

8,254

Pope

0

0

0

0

0

0

Pulaski

0

0

0

2

0

2

1,708

Putnam

0

1

0

4

0

5

625

400.00%

Randolph

0

8

0

3

7

18

761

-51.35%

-28.00%

Richland

0

1

0

2

0

3

2,574

Rock Island

0

132

1

47

255

435

150

79.01%

80.50%

Saint Clair

0

358

3

67

205

633

181

-1.25%

34.97%

Saline

0

2

0

6

0

8

1,598

700.00%

Sangamon

0

169

1

9

56

235

385

-2.89%

-26.79%

Schuyler

0

0

0

0

0

0

Scott

0

0

0

0

0

0

Shelby

0

0

0

0

0

0

Stark

0

0

0

1

0

1

2,809

Stephenson

0

6

0

19

1

26

853

-31.58%

1200.00%

Tazewell

0

134

0

8

9

151

374

31.30%

4.86%

Union

0

1

1

1

0

3

2,706

Vermilion

0

91

0

33

42

166

221

16.90%

-30.25%

Wabash

0

2

0

5

0

7

838

600.00%

Warren

0

1

0

5

0

6

1,311

500.00%

Washington

0

2

0

3

1

6

1,121

-33.33%

Wayne

0

0

0

1

0

1

8,206

0.00%

White

0

3

0

0

0

3

2,536

50.00%

Whiteside

0

6

2

28

0

36

711

620.00%

1700.00%

Will

0

1,504

3

822

707

3,036

76

38.00%

107.24%

Williamson

0

57

1

16

4

78

380

1.30%

27.87%

Winnebago

0

485

4

274

168

931

134

7.63%

26.15%

Woodford

0

12

1

5

1

19

784

-13.64%

850.00%

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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