Illinois Foreclosure Activity Up in Third Quarter

Total foreclosure filings increase statewide minimally from the second quarter

Default notices down, auctions and REOs up for the quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 47,802 Illinois properties during the third quarter, nearly a 5 percent increase from the previous quarter and up 28 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 110 Illinois housing units received a foreclosure filing during the quarter, the ninth highest state foreclosure rate in the nation.

 

For September, Illinois reported 15,866 properties with foreclosure filings, an almost 6 percent decrease from the previous month and 24 percent above the level reported for the same month last year. One in every 333 Illinois housing units received a foreclosure filing in September, ranking the tenth highest foreclosure rate among the 50 states.

 

Illinois foreclosures were up in the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in auctions, which climbed 38 percent for the month. The state’s unemployment rate remains above the national average, and its home sales were slower than most states earlier this year. These factors are likely driving the recent increase.”

 

California continued to lead the nation in total foreclosures with 191,016 properties with foreclosure filings for the quarter. The second highest foreclosure activity continued in Florida, where 157,026 properties with foreclosure filings were reported. Arizona had the third highest activity level, reporting 49,103 properties with foreclosure filings. Illinois was fourth, tallying 47,802 properties with foreclosure filings. Fifth highest total was in Michigan, where 46,100 properties with foreclosure filings were reported for the quarter.

 

The remaining states in the nation’s top 10 for total third quarter foreclosure activity were Georgia (41,231), Nevada (38,429), Ohio (36,677), Texas (34,187) and Washington (16,803). In all, the top five states accounted for 53 percent of all foreclosure filings in the nation during the third quarter.

 

Kendall County led state with top foreclosure rate in third quarter

Kendall County posted the highest foreclosure rate in Illinois during the third quarter of 2010, where one in every 39 housing units received a foreclosure filing — 3.6 times the national average. Kane County posted the second highest foreclosure rate, where one in every 57 housing units received a foreclosure filing during the period — 2.4 times the national average. Will County documented the third highest foreclosure rate, where one in every 65 housing units received a foreclosure filing — 2.1 times the national average.

 

State’s top foreclosure total for third quarter posted in Cook County

Cook County dominated, reporting 25,402 properties with foreclosure filings for the quarter. Du Page County was second, reporting 3,701 properties with foreclosure filings. Will County was third, tallying 3,586 properties with foreclosure filings. Lake County was fourth highest, reporting 3,485 properties with foreclosure filings. Kane County came in last for the state’s top five, reporting 3,032 properties with foreclosure filings for the quarter.

 

State contributes less than 1 percent to nation’s foreclosure total for the quarter

Less than 1 percent of the 930,437 properties with foreclosure filings reported nationwide during the third quarter were located in Illinois. Total U.S. activity increased nearly 4 percent from the second quarter, but was down fractionally from the level reported for the third quarter 2009. One in every 139 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

n/a

n/a

Illinois

0

21,932

0

12,230

13,640

47,802

110

n/a

n/a

 

 

 

 

 

 

 

 

 

 

Kendall

0

414

0

192

281

887

39

3.55

2.82

Kane

0

1,339

0

1,020

673

3,032

57

2.41

1.92

Will

0

1,857

0

829

900

3,586

65

2.14

1.71

McHenry

0

1,088

0

286

352

1,726

67

2.07

1.65

Lake

0

1,782

0

814

889

3,485

73

1.90

1.51

 

 

Illinois Top Foreclosure Totals by County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 10

% Chg Q3 09

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

3.90

-0.79

Illinois

0

21,932

0

12,230

13,640

47,802

110

4.90

28.26

 

 

 

 

 

 

 

 

 

 

Cook

0

11,108

0

6,722

7,572

25,402

86

7.38

50.74

Du Page

0

1,507

0

1,230

964

3,701

97

2.15

21.42

Will

0

1,857

0

829

900

3,586

65

22.64

23.83

Lake

0

1,782

0

814

889

3,485

73

-2.79

9.21

Kane

0

1,339

0

1,020

673

3,302

57

-6.36

14.03

 

 

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