Illinois Foreclosure Activity Rises in October

Foreclosure filings up 7 percent from September; rate ninth highest

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 16,969 Illinois properties in October, a 7 percent increase from the previous month, but still down 15 percent from the level reported in October 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

One in every 311 Illinois housing units received a foreclosure filing in October, the ninth highest foreclosure rate in the nation.

 

“Foreclosure activity rose in Illinois in October, though it remained well below the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state continues to improve, recently dropping for the ninth consecutive month. That said, joblessness remains just above the national average at 9.9 percent and is still a major concern among Illinois’ struggling homeowners.”

 

California remained in first place, reporting 66,475 properties with foreclosure filings in October. Florida held on to the second highest total, tallying 56,858 properties with foreclosure filings. Michigan maintained its third place ranking for the third consecutive month, reporting 19,288 properties with foreclosure filings for the month. Arizona was in fifth place, reporting 16,538 properties with foreclosure filings for the month.

 

The remaining states in the nation’s foreclosure top 10 for October were Georgia (14,850), Nevada (14,205), Ohio (13,233), Texas (13,008) and Washington (6,346). The nation’s top 10 accounted for 72 percent of all foreclosure filings in the nation for the month.

 

Kendall County posts state’s top foreclosure rate for October

Kendall County posted the highest county foreclosure rate in Illinois for the month, with one in every 118 housing units receiving a foreclosure filing during October — 3.3 times the national average. McHenry County registered the second highest foreclosure rate, with one in every 161 housing units receiving a foreclosure filing during the month — 2.4 times the national average. Kane County was third highest, with one in every 168 housing units receiving a foreclosure filing — 2.3 times the national average.

 

Cook County led the state in foreclosure activity in October

Cook County had the top foreclosure total, reporting 9,040 properties with foreclosure filings for the month. Lake County tallied the second highest foreclosure level, reporting 1,465 properties with foreclosure filings. Third highest total was in Will County, where 1,379 properties with foreclosure filings were reported. Fourth highest was Du Page County, where 1,232 properties with foreclosure filings were reported. Kane County had the fifth highest total, reporting 1,037 properties with foreclosure filings.

 

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

Illinois accounted for 5 percent of the 332,172 properties with foreclosure filings reported nationwide in October. Total U.S. activity decreased by more than 4 percent from the previous month, and was down fractionally from the level reported in October 2009. One in every 389 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 – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

n/a

n/a

Illinois

0

8,388

0

4,911

3,670

16,969

311

1.25

n/a

 

 

 

 

 

 

 

 

 

 

Kendall

0

152

0

80

63

295

118

3.31

2.65

McHenry

0

380

0

215

126

721

161

2.42

1.94

Kane

0

610

0

247

180

1,037

168

2.31

1.85

Will

0

865

0

255

259

1,379

168

2.31

1.85

Lake

0

540

0

671

254

1,465

174

2.24

1.79

 

 

Illinois Top Foreclosure Totals by County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 10

% Chg Oct 09

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

-4.39

-0.04

Illinois

0

8,388

0

4,911

3,670

16,969

311

6.95

-14.93

 

 

 

 

 

 

 

 

 

 

Cook

0

4,340

0

2,713

1,987

9,040

242

5.01

-21.35

Lake

0

540

0

671

254

1,465

174

64.61

-16.76

Will

0

865

0

255

259

1,379

168

13.13

3.22

Du Page

0

560

0

411

261

1,232

292

13.03

-8.74

Kane

0

610

0

247

180

1,037

168

7.13

9.85

 

 

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