ILLINOIS FORECLOSURES INCREASE 14 PERCENT IN DECEMBER

Activity Up 65 Percent From a Year Ago; Foreclosure Rate in Top 10

 

IRVINE, Calif. – Jan. 15, 2007 – Illinois reported 6,903 properties entering some stage of the foreclosure process, the fifth highest total in the nation for December. The monthly total represents a 14 percent increase from the 6,069 properties reported in November, and a 65 percent increase from the 4,176 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.

 

“This latest increase in foreclosure activity has moved Illinois up two places from seventh highest foreclosure total in the country last month,” said James J. Saccacio, chief executive officer of RealtyTrac. “There are a number of reasons for this growth in the state foreclosure level. Key among them, job growth — which is just now approaching the national average —  along with fewer home sales, slower home price appreciation and the excessive use of sub-prime adjustable-rate mortgages by borrowers. All these factors are making it harder for Illinois homeowners to avoid default or foreclosure.”

 

Although in the top five states now, Illinois still lags way behind national leader Texas by more than 7,000 foreclosures, and behind second ranked California by more than 5,500 foreclosures. Third ranks Ohio leads the state by more than 1,400 foreclosures, and fourth ranked Ohio had 400 more foreclosures than Illinois.

 

Illinois posted the 8th highest foreclosure rate in the nation for the month, reporting one new foreclosure filing for every 708 households — nearly 1.5 times the national average.

 

Chicago real estate agent Daryl Russell, a member of the RealtyTrac Agent Network™, said he’s witnessed firsthand the upturn in foreclosures, having listed many foreclosures in the last few months himself.

 

Chicago, and the surrounding suburbs, have a number of pre-foreclosure properties,” Russell said. “And since the national media is communicating that this is a buyer’s market, sellers are becoming more flexible in what they are offering: homeowners’ warranties, appliance credit and (payment of) closing costs.”

 

Cook County leads the state in foreclosures

Cook County led the state in foreclosure activity once again, accounting for 60 percent of all Illinois foreclosures in December with 4,158 properties entering some stage of the foreclosure process. Will County reported the second highest total for the month with 575 properties in the foreclosure. Lake County tallied the third highest total in the state, reporting 454 propertiesl. Du Page County came in fourth with 410 properties in foreclosure, while Kane County rounded out the top five, reporting 361 properties in the foreclosure pipeline.

 

Will County posts highest foreclosure rate

Will County posted the highest foreclosure rate in the state for December, with one new foreclosure filing for every 305 households — 2.3 times the state average and 3.5 times the national average. Kendall County posted the second highest rate, with one new foreclosure filing for every 342 households — twice the state average and 3.1 times the national average. Kane County had the third highest rate, with one new filing for every 385 households — 1.8 times the state average and 2.7 times the national average. McHenry County was fourth highest, reporting one new filing for every 455 households, and Lake County came in fifth with one new filing for every 498 households.

 

State makes notable contribution to national total

Illinois accounted for 6 percent of the 109,652 properties entering some stage of foreclosure nationwide in December. The national total represents a 9 percent decrease from the 120,334 foreclosures reported in November. The nation’s foreclosure rate decreased to one new foreclosure filing for every 1,055 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 – December 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

26,593

41,292

5,472

15,887

20,408

109,652

1,055

n/a

n/a

Illinois

0

111

748

5,641

403

6,903

708

1.48

n/a

 

 

 

 

 

 

 

 

 

 

Adams

0

0

0

1

0

1

29,386

0.04

0.02

Bond

0

0

0

1

0

1

6,690

0.16

0.11

Boone

0

1

1

1

0

3

5,138

0.21

0.14

Champaign

0

3

0

16

2

21

3,585

0.29

0.20

Clinton

0

0

0

2

2

4

3,451

0.31

0.21

Cook

0

45

529

3,428

156

4,158

504

2.09

1.41

Crawford

0

1

0

0

0

1

8,785

0.12

0.08

De Kalb

0

1

1

47

3

52

634

1.66

1.12

Douglas

0

0

0

0

0

0

n/a 

0.00

0.00

Du Page

0

5

28

361

16

410

819

1.29

0.87

Edgar

0

0

0

0

0

0

n/a 

0.00

0.00

Effingham

0

0

0

0

0

0

n/a 

0.00

0.00

Ford

0

0

0

0

0

0

n/a 

0.00

0.00

Greene

0

0

0

1

0

1

6,332

0.17

0.11

Grundy

0

1

1

2

0

4

3,760

0.28

0.19

Hancock

0

0

0

1

0

1

8,909

0.12

0.08

Henry

0

0

0

2

0

2

10,635

0.10

0.07

Iroquois

0

0

0

1

0

1

13,362

0.08

0.05

Jackson

0

1

0

0

0

1

26,844

0.04

0.03

Jefferson

0

0

0

0

0

0

n/a 

0.00

0.00

Jersey

0

0

0

0

0

0

n/a 

0.00

0.00

Jo Daviess

0

0

0

0

0

0

n/a 

0.00

0.00

Kane

0

4

28

296

33

361

385

2.74

1.84

Kankakee

0

0

2

9

1

12

3,384

0.31

0.21

Kendall

0

1

2

54

0

57

342

3.08

2.07

Knox

0

2

0

1

0

3

7,906

0.13

0.09

La Salle

0

0

1

0

0

1

46,438

0.02

0.02

Lake

0

5

52

372

25

454

498

2.12

1.42

Lee

0

2

1

0

0

3

4,770

0.22

0.15

Livingston

0

0

0

1

0

1

15,297

0.07

0.05

Macon

0

1

3

32

8

44

1,142

0.92

0.62

Macoupin

0

2

0

0

0

2

10,549

0.10

0.07

Madison

0

3

1

18

16

38

2,867

0.37

0.25

Marshall

0

0

0

0

0

0

n/a 

0.00

0.00

Massac

0

0

0

0

0

0

n/a 

0.00

0.00

McHenry

0

3

16

179

6

204

455

2.32

1.56

Mclean

0

0

0

15

5

20

2,999

0.35

0.24

Menard

0

0

0

0

0

0

n/a 

0.00

0.00

Mercer

0

0

0

1

0

1

7,109

0.15

0.10

Monroe

0

0

0

3

0

3

3,583

0.29

0.20

Morgan

0

1

1

0

0

2

7,646

0.14

0.09

Moultrie

0

0

0

0

0

0

n/a 

0.00

0.00

Ogle

0

0

0

1

0

1

20,420

0.05

0.03

Peoria

0

3

1

44

7

55

1,422

0.74

0.50

Piatt

0

0

0

0

0

0

n/a 

0.00

0.00

Putnam

0

0

0

0

0

0

n/a 

0.00

0.00

Randolph

0

0

0

4

1

5

2,666

0.40

0.27

Rock Island

0

0

3

2

20

25

2,580

0.41

0.27

Saint Clair

0

3

7

126

16

152

687

1.53

1.03

Sangamon

0

1

1

30

8

40

2,136

0.49

0.33

Schuyler

0

0

0

1

0

1

3,304

0.32

0.21

Stephenson

0

0

0

1

0

1

21,713

0.05

0.03

Tazewell

0

1

2

17

4

24

2,207

0.48

0.32

Union

0

0

0

0

0

0

n/a 

0.00

0.00

Vermilion

0

1

0

0

0

1

36,349

0.03

0.02

Washington

0

1

0

0

0

1

6,385

0.17

0.11

Whiteside

0

0

2

0

0

2

12,513

0.08

0.06

Will

0

12

45

460

58

575

305

3.45

2.32

Williamson

0

0

0

2

0

2

13,852

0.08

0.05

Winnebago

0

7

20

108

16

151

758

1.39

0.94

Woodford

0

0

0

0

0

0

n/a 

0.00

0.00

 

 

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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