Illinois Foreclosure Activity Rises in August

Statewide  filings up 18 percent from July; Rate eighth highest

Foreclosure  filings — default notices, scheduled auctions and bank repossessions — rose in  Illinois, where 12,493 properties were reported in August, a 18 percent  increase from July but 26 percent below the level reported for August 2010, according to the latest RealtyTrac®  U.S. Foreclosure Market Report.

Illinois had  the eighth highest rate in the country with one in every 424 housing units with  a foreclosure filing in August.

California continues to  lead the nation in terms of total properties with foreclosure filings by a  large margin, reporting 59,383 properties with a foreclosure filing. Second  ranked Florida reported 23,569 properties with foreclosure filings during the  month. Moving up to third place was Michigan, where 13,016 properties with foreclosure  filings were reported. Illinois jumped a spot to the fourth highest total. Georgia  dropped two spots and took fifth place, tallying 11,743 properties with  foreclosure filings.

The remaining states that  make up the nation’s top 10 in August include Arizona (11,081), Texas (10,148),  Ohio (9,841), Nevada (9,677) and Colorado (4,933). The top 10 accounted for 73 percent  of the nation’s total foreclosure activity for the month.

Kendall County posts top foreclosure rate in the  state for August
  One in every 148 housing  units in Kendall County received a foreclosure filing in August — 3.8 times the  national average and 2.9 times 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 215 housing units with a foreclosure filing during the  month — 2.7 times the national average and twice the state average. Kane County  had the third highest rate of one in every 239 housing units with a foreclosure  filing during the month — 2.4 times the national average and 1.8 times the  state average.

Cook County has highest foreclosure total in August
  Cook County led the state  in total foreclosure activity, reporting 6,651 properties with foreclosure  filings for the month. Lake County was second highest, reporting 988 properties  with foreclosure filings. Will County was third, reporting 863 properties with  foreclosure filings. Fourth highest was Kane County, recording 731 properties  with foreclosure filings. McHenry County was fifth tallying 540 properties with  a foreclosure filing.

State the nation’s fourth largest contributor to total  foreclosure activity in August
  Illinois accounted for 5 percent  of the 228,098 properties with foreclosure filings reported nationwide in August.  Total U.S. activity increased by more than 7 percent from July, but was down nearly  33 percent from the level reported in August 2010. One in every 570 U.S. housing  units received a foreclosure filing during the month.

“The big increase in new foreclosure actions may be  a signal that lenders are starting to push through some of the foreclosures  delayed by robo-signing and other documentation problems,” said James Saccacio,  chief executive officer of RealtyTrac. “It also foreshadows more bank  repossessions in the coming months as these new foreclosures make their way  through the 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: DefaultNotice  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 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

40,765

38,115

63,347

21,058

64,813

228,098

570

n/a

n/a

Illinois

0

7,264

0

2,390

2,839

12,493

424

1.35

n/a

 

 

 

 

 

 

 

 

 

 

Kendall

0

163

0

22

50

235

148

3.84

2.85

McHenry

0

319

0

72

149

540

215

2.65

1.97

Kane

0

439

0

172

120

731

239

2.39

1.77

Lake

0

504

0

257

227

988

258

2.21

1.64

De Kalb

0

69

0

42

37

148

265

2.15

1.60

 

 

         Illinois Top Foreclosure Totals by County – August 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 11

% Chg Aug 10

 

 

 

 

 

 

 

 

 

 

United States

40,765

38,115

63,347

21,058

64,813

228,098

570

7.21

-32.68

Illinois

0

7,264

0

2,390

2,839

12,493

424

17.56

-25.67

 

 

 

 

 

 

 

 

 

 

Cook

0

4,072

0

1,123

1,456

6,651

329

23.88

-26.19

Lake

0

504

0

257

227

988

258

2.28

-17.53

Will

0

568

0

151

144

863

269

17.90

-35.40

Kane

0

439

0

172

120

731

239

42.50

-24.17

McHenry

0

319

0

72

149

540

215

45.95

-6.25

 

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