ILLINOIS FORECLOSURES DECREASE 22 PERCENT IN NOVEMBER

State’s Activity Level 101 Percent Ahead of Last Year

 

IRVINE, Calif. – Dec. 11, 2006 – Illinois reported 6,069 properties entering some stage of the foreclosure process in November, down 22 percent from the 7,744 properties reported in October, but still a 101 percent increase from the 3,023 properties reported for the same month last year, according to the RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 700,000 properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“A number of factors are contributing to Illinois’ growing foreclosure activity” said James J. Saccacio, chief executive officer of RealtyTrac. “Job growth, which is just now approaching the national average, along with fewer home sales, slower home price appreciation and the excessive use of subprime adjustable-rate mortgages by borrowers are all making it harder for Illinois homeowners to avoid default or foreclosure.”

 

Illinois documented the seventh highest foreclosure total in the nation for November, well behind top-rated California which led the nation with 19,248 properties entering some stage of the foreclosure process. Reporting 13,664 foreclosures, Texas was securely in second place, followed by third place Florida with 9,362 foreclosures for the month. Ohio took fourth, reporting 8,200 foreclosures, while Michigan came in fifth with 7,168 properties in the foreclosure pipeline.

 

Illinois posted the 13th highest foreclosure rate in the nation for the month — reporting one new foreclosure filing for every 806 households —1.2 times the national average.

 

Cook County leads the state in foreclosures

Cook County led the state in foreclosure activity once again, accounting for 58 percent of all Illinois foreclosures in November. The state reported 3,519 properties entering some stage of the foreclosure process during the month. Will County reported the second highest total for the month with 467 properties in the foreclosure pipeline. Other counties reporting significant foreclosure activity included Lake County with 391 properties, Du Page County with 329 properties and Kane County reporting 253 properties in foreclosure.

 

Kendall County reports highest foreclosure rate

Kendall County posted the highest foreclosure rate in the state for November, reporting one new foreclosure filing for every 195 households — 4.1 times the state average and 4.9 times the national average. Will County posted the second highest rate with one new foreclosure filing for every 376 households — 2.1 times the state average and 2.6 times the national average. Winnebago County had the third highest rate with one new filing for every 545 households, followed by McHenry County with one new filing for every 550 households and Kane County with one new filing for every 549 households.

 

State makes notable contribution to national total

Activity in Illinois accounted for 5 percent of the 120,334 properties entering some stage of foreclosure nationwide in November. The national total represents a 4 percent increase from the 115,568 foreclosures reported in October. The national foreclosure rate was one new foreclosure filing for every 961 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — 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).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

                        Illinois Foreclosure Market by County – November 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

31,027

44,448

5,685

16,263

22,911

120,334

961

n/a

n/a

Illinois

0

64

422

4,968

615

6,069

806

1.19

n/a

 

 

 

 

 

 

 

 

 

 

Adams

0

0

0

0

0

0

 n/a

0.00

0.00

Bond

0

0

0

0

0

0

 n/a

0.00

0.00

Boone

0

2

0

1

0

3

5,138

0.19

0.16

Bureau

0

0

0

1

0

1

15,331

0.06

0.05

Calhoun

0

0

0

0

0

0

 n/a

0.00

0.00

Carroll

0

0

0

0

0

0

 n/a

0.00

0.00

Champaign

0

0

1

37

3

41

1,836

0.52

0.44

Christian

0

0

0

0

0

0

 n/a

0.00

0.00

Clinton

0

0

0

10

4

14

986

0.97

0.82

Coles

0

1

0

1

1

3

7,589

0.13

0.11

Cook

0

25

291

2,960

243

3,519

596

1.61

1.35

De Kalb

0

0

0

27

0

27

1,222

0.79

0.66

Dewitt

0

1

0

0

0

1

7,282

0.13

0.11

Douglas

0

0

0

1

0

1

8,005

0.12

0.10

Du Page

0

1

20

295

13

329

1,020

0.94

0.79

Edgar

0

0

0

1

0

1

8,611

0.11

0.09

Fayette

0

1

0

0

0

1

9,053

0.11

0.09

Ford

0

1

0

0

0

1

6,060

0.16

0.13

Franklin

0

0

1

0

0

1

18,105

0.05

0.04

Fulton

0

0

0

0

0

0

 n/a

0.00

0.00

Greene

0

0

0

1

0

1

6,332

0.15

0.13

Grundy

0

0

0

17

3

20

752

1.28

1.07

Hancock

0

0

0

0

0

0

 n/a

0.00

0.00

Jackson

0

0

0

1

0

1

26,844

0.04

0.03

Jefferson

0

1

0

0

0

1

16,990

0.06

0.05

Jersey

0

0

0

1

0

1

8,918

0.11

0.09

Jo Daviess

0

0

0

0

0

0

 n/a

0.00

0.00

Kane

0

2

19

201

31

253

549

1.75

1.47

Kankakee

0

1

1

49

8

59

688

1.40

1.17

Kendall

0

3

2

87

8

100

195

4.92

4.13

Knox

0

0

2

3

0

5

4,743

0.20

0.17

La Salle

0

0

0

0

2

2

23,219

0.04

0.03

Lake

0

6

28

323

34

391

578

1.66

1.39

Lawrence

0

0

1

0

0

1

7,014

0.14

0.11

Lee

0

0

0

1

0

1

14,310

0.07

0.06

Livingston

0

0

0

0

0

0

 n/a

0.00

0.00

Macon

0

2

2

28

10

42

1,196

0.80

0.67

Macoupin

0

0

1

0

0

1

21,097

0.05

0.04

Madison

0

3

2

6

34

45

2,421

0.40

0.33

Marion

0

1

0

0

0

1

18,022

0.05

0.04

Marshall

0

0

0

0

0

0

 n/a

0.00

0.00

Mason

0

0

2

2

0

4

1,758

0.55

0.46

Massac

0

0

0

1

0

1

6,951

0.14

0.12

Mcdonough

0

0

0

1

0

1

13,289

0.07

0.06

Mchenry

0

0

6

155

8

169

550

1.75

1.47

Mclean

0

0

0

36

4

40

1,499

0.64

0.54

Menard

0

0

0

0

0

0

 n/a

0.00

0.00

Mercer

0

0

1

0

0

1

7,109

0.14

0.11

Monroe

0

0

0

5

0

5

2,150

0.45

0.37

Morgan

0

0

0

0

0

0

 n/a

0.00

0.00

Ogle

0

3

1

0

0

4

5,105

0.19

0.16

Peoria

0

2

5

75

14

96

815

1.18

0.99

Piatt

0

0

0

0

0

0

 n/a

0.00

0.00

Pike

0

0

0

0

0

0

 n/a

0.00

0.00

Randolph

0

0

0

5

1

6

2,221

0.43

0.36

Richland

0

0

0

1

0

1

7,468

0.13

0.11

Rock Island

0

0

0

1

8

9

7,165

0.13

0.11

Saint Clair

0

1

4

75

13

93

1,123

0.86

0.72

Sangamon

0

0

2

44

14

60

1,424

0.67

0.57

Scott

0

0

0

0

0

0

 n/a

0.00

0.00

Stephenson

0

1

0

0

0

1

21,713

0.04

0.04

Tazewell

0

0

1

21

8

30

1,766

0.54

0.46

Vermilion

0

0

0

0

0

0

 n/a

0.00

0.00

Washington

0

0

0

0

0

0

 n/a

0.00

0.00

Will

0

4

23

377

63

467

376

2.56

2.14

Williamson

0

1

0

0

0

1

27,703

0.03

0.03

Winnebago

0

1

4

117

88

210

545

1.76

1.48

Woodford

0

0

2

0

0

2

6,744

0.14

0.12

 

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new construction properties, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal. For more information, visit www.realtytrac.com.

 

###

 

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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