Illinois Foreclosure Activity Level Decreases in April

Statewide foreclosure activity decreases 17 percent in April

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 10,055 Illinois properties in April, down 17 percent from March and 47 percent below the level reported for April 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

One in every 526 Illinois housing units received a foreclosure filing in April, the nation’s 12th highest foreclosure rate. Unemployment remained above 9 percent for the month, though improvements are being noticed in some sectors.

 

Since January 2007, California has lad the nation in total monthly foreclosure activity and April is no exception, reporting 55,869 properties with foreclosure filings. Florida remained the state with the second highest total, tallying 19,649 properties with foreclosure filings. Arizona stayed in third place, reporting 13,419 properties with foreclosure filings. Michigan had the fourth highest foreclosure total reporting 12,996 properties with foreclosure filings for the month.

 

The rest of the states in the nation’s top 10 for April included Illinois (10,055), Texas (8,793), Georgia (8,479), Ohio (7,962) and Colorado (4,379). The top five states accounted for 52 percent of the nation’s total foreclosure activity for the month.

 

Kendall County top in foreclosure rate for April

Kendall County posted the highest foreclosure rate of all Illinois counties in April, with one in every 234 housing units receiving a foreclosure filing — 2.5 times the national average. Kane County posted the second highest foreclosure rate, where one in every 257 housing units received a foreclosure filing in April — 2.3 times the national average. McHenry County came in third, with one in every 290 housing units receiving a foreclosure filing during the month — twice the national average.

 

Cook County led the state in foreclosure activity in April

Cook County led all counties, reporting 5,241 properties with foreclosure filings for the month. Lake County was second highest, reporting 867 properties with foreclosure filings. Third highest in the state was Du Page County, where 750 properties with foreclosure filings were reported. Kane County was fourth highest, tallying 679 properties with foreclosure filings. Will County came in fifth, reporting 648 properties with foreclosure filings.

 

State the sixth largest contributor to nation’s foreclosure crisis in April

Illinois accounted for 5 percent of the 219,258 properties with foreclosure filings reported nationwide in April. Total U.S. activity decreased by nearly 9 percent from March, and was down 34 percent from the level reported in April 2010. One in every 593 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low,” said James J. Saccacio, chief executive officer of RealtyTrac. “This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure.

 

“The first delay occurs between delinquency and foreclosure, when lenders and services are no longer automatically pushing loans that are more than 90 days delinquent into foreclosure but are waiting longer to allow for loan modifications, short sales and possibly other disposition alternatives,” Saccacio continued. “Data from the Mortgage Bankers Association shows that about 3.7 million properties are in this seriously delinquent stage. The second delay occurs after foreclosure has started, when lenders are taking much longer than they were just a few years ago to complete the foreclosure process.”

 

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 – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

n/a

n/a

Illinois

0

6,361

0

1,251

2,443

10,055

526

1.13

n/a

 

 

 

 

 

 

 

 

 

 

Kendall

0

118

0

6

25

149

234

2.53

2.25

Kane

0

358

0

81

240

679

257

2.30

2.05

McHenry

0

278

0

41

81

400

290

2.04

1.82

Lake

0

581

0

115

171

867

294

2.02

1.79

De Kalb

0

77

0

17

31

125

314

1.89

1.68

 

 

Illinois Top Foreclosure Totals by County – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 11

% Chg Apr 10

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

-8.56

-34.32

Illinois

0

6,361

0

1,251

2,443

10,055

526

-16.58

-46.71

 

 

 

 

 

 

 

 

 

 

Cook

0

3,398

0

627

1,216

5,241

418

-18.36

-43.60

Lake

0

581

0

115

171

867

294

-1.70

-43.37

Du Page

0

468

0

146

136

750

480

22.35

-54.35

Kane

0

358

0

81

240

679

257

-4.63

-51.12

Will

0

348

0

82

218

648

359

-25.86

-53.48

 

 

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