Illinois Foreclosures Decline in November

Foreclosure filings down 24 percent from October, rate 9th highest in nation

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 12,941 Illinois properties in November, down 24 percent from the previous month and a 21 percent drop from the level reported in November 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

One in every 408 Illinois housing units received a foreclosure filing in November, giving the state the 9th highest state foreclosure rate in the nation.

 

Illinois foreclosures were down in November,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in auctions, which fell 34 percent for the month. The state’s unemployment rate has been steadily decreasing over the past few months and is now below the national average. This is likely contributing to the recent drop.”

 

With 57,378 properties with foreclosure filings, California remained firmly established as the national frontrunner, with Florida alone in second place, reporting 32,938 properties with foreclosure filings for the month, well ahead of third place Michigan, which reported 15,311 properties with foreclosure filings. Georgia moved up two spots to fourth place, tallying 14,423 properties with foreclosure filings. Moving up four spots in the nation’s top 10 for November, Texas was fifth highest, reporting 13,369 properties with foreclosure filings for the month.

 

The remaining Top 10 states for November were Illinois (12,941), Nevada (11,371), Ohio (10,458), Arizona (10,384) and Pennsylvania (5,672). The top five states accounted for 51 percent of all foreclosure filings in the nation for the month.

 

Kendall County achieves top foreclosure rate honors in November

Kendall County posted the highest foreclosure rate in Illinois for November, with one in every 92 housing units receiving a foreclosure filing — 5.4 times the national average. Will County reported the second highest foreclosure rate, with one in every 210 housing units receiving a foreclosure filing for the month — 2.3 times the national average. McHenry County came in third, with one in every 218 housing units receiving a foreclosure filing — 2.2 times the national average.

 

Cook County dominates state foreclosure activity in November

Foreclosure activity was heaviest in Cook County, which reported 7,185 properties with foreclosure filings for the month. Will County tallied the second highest foreclosure level, reporting 1,107 properties with foreclosure filings. Third highest total was in Lake County, where 858 properties with foreclosure filings were reported. Fourth highest was Du Page County, where 753 properties with foreclosure filings were reported. McHenry County filled out the top five for the month, reporting 530 properties with foreclosure filings.

 

State contributes 5 percent to nation’s foreclosure total

Illinois accounted for 5 percent of the 262,339 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 21 percent from the previous month, and was down more than 14 percent from the level reported in November 2009. One in every 492 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 – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

n/a

n/a

Illinois

0

7,218

0

3,255

2,468

12,941

408

1.21

n/a

 

 

 

 

 

 

 

 

 

 

Kendall

0

150

0

152

77

379

92

5.38

4.46

Will

0

555

0

391

161

1,107

210

2.35

1.95

McHenry

0

260

0

172

98

530

218

2.25

1.87

Lake

0

558

0

146

154

858

297

1.66

1.37

Cook

0

3,910

0

1,963

1,312

7,185

304

1.62

1.34

 

 

Illinois Top Foreclosure Totals by County – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 10

% Chg Nov 09

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

-21.02

-14.44

Illinois

0

7,218

0

3,255

2,468

12,941

408

-23.74

-21.20

 

 

 

 

 

 

 

 

 

 

Cook

0

3,910

0

1,963

1,312

7,185

304

-20.52

-21.30

Will

0

555

0

391

161

1,107

210

-19.72

5.53

Lake

0

558

0

146

154

858

297

-41.43

-42.49

Du Page

0

469

0

123

161

753

478

-38.88

-28.01

McHenry

0

260

0

172

98

530

218

-26.49

-7.34

 

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved