ILLINOIS FORECLOSURES UP 4 PERCENT IN OCTOBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 144 Percent From a Year Ago; Foreclosure Rate in Top 5

 

IRVINE, Calif. – Nov. 10, 2006 – Illinois reported 7,744 properties entering some stage of the foreclosure process in October, a 4 percent increase from the 7,431 properties reported in September, and a 144 percent increase from the 3,170 properties reported for the same month last year, according to the RealtyTrac™ October 2006 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.

 

“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 are all contributing to the current rise in the state’s foreclosure activity,” said James J. Saccacio, chief executive officer of RealtyTrac.

 

Illinois had the fifth highest foreclosure total in the nation for October, slightly less than half of California which led the nation with 16,098 foreclosures. Reporting 11,413 foreclosures, Florida was well ahead in second place, followed by third place Texas with 9,728 foreclosures for the month. Michigan took fourth, reporting 8,232 foreclosures, while Ohio came in sixth with 7,319 properties in the foreclosure pipeline.

 

The state had the fifth highest foreclosure rate in the nation for the month, reporting one new foreclosure filing for every 632 households —1.6 times the national average.

 

Cook County leads the state in total foreclosures

Cook County led the state in foreclosure activity, accounting for 58 percent of all foreclosures in Illinois for October. The county reported 4,478 properties entering some stage of the foreclosure process during the month. Will County documented the second highest total for the month, with 658 properties entering the foreclosure pipeline. Other counties reporting significant foreclosure activity included Lake County, with 492 properties, Du Page County, with 408 properties, and Kane County, with 394 properties entering some stage of foreclosure.

 

Will County reports highest foreclosure rate

Will County posted the highest foreclosure rate in the state for October, reporting one new foreclosure filing for every 267 households — 2.4 times the state average and 3.8 times the national average. Saint Clair County documented the second highest rate, one new foreclosure filing for every 307 households — 2.1 times the state average and 3.3 times the national average. Kane County documented the third highest rate, with one new filing for every 353 households, followed by Kendall County, with one new filing for every 355 households, and Lake County, with one new filing for every 459 households.

 

State makes notable contribution to national total

Illinois’ foreclosure activity accounted for nearly 7 percent of the 115,568 properties entering some stage of foreclosure nationwide in October. The national total represents a 3 percent increase from the 112,210 foreclosures reported in September. The national foreclosure rate was one new foreclosure filing for every 1,001 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).

 

                    Illinois Foreclosure Market by County – October 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

27,731

42,375

5,799

18,895

20,768

115,568

1,001

n/a

n/a

Illinois

3

0

704

6,066

971

7,744

632

1.58

n/a

 

 

 

 

 

 

 

 

 

 

Adams

0

0

1

0

1

2

14,693

0.07

0.04

Bond

0

0

0

0

0

0

0.00

0.00

Boone

0

0

0

16

6

22

701

1.43

0.90

Carroll

0

0

0

0

0

0

0.00

0.00

Cass

0

0

0

0

0

0

0.00

0.00

Champaign

0

0

0

24

3

27

2,788

0.36

0.23

Christian

0

0

0

0

2

2

7,496

0.13

0.08

Clay

0

0

0

0

0

0

0.00

0.00

Clinton

0

0

0

3

0

3

4,602

0.22

0.14

Coles

0

0

0

1

5

6

3,795

0.26

0.17

Cook

2

0

450

3,659

367

4,478

468

2.14

1.35

De Kalb

0

0

5

41

2

48

687

1.46

0.92

Dewitt

0

0

1

0

0

1

7,282

0.14

0.09

Douglas

0

0

0

0

0

0

0.00

0.00

Du Page

0

0

32

358

18

408

823

1.22

0.77

Ford

0

0

0

0

0

0

0.00

0.00

Franklin

0

0

0

0

1

1

18,105

0.06

0.03

Fulton

0

0

2

0

0

2

8,120

0.12

0.08

Greene

0

0

0

0

0

0

0.00

0.00

Grundy

0

0

0

19

3

22

684

1.46

0.92

Hamilton

0

0

0

0

0

0

0.00

0.00

Hancock

0

0

0

0

2

2

4,455

0.23

0.14

Henry

0

0

0

1

0

1

21,270

0.05

0.03

Iroquois

0

0

1

0

0

1

13,362

0.08

0.05

Jackson

0

0

0

0

1

1

26,844

0.04

0.02

Jefferson

0

0

0

0

0

0

0.00

0.00

Jersey

0

0

1

0

0

1

8,918

0.11

0.07

Jo Daviess

0

0

0

0

1

1

12,003

0.08

0.05

Kane

1

0

35

315

43

394

353

2.84

1.79

Kankakee

0

0

0

48

32

80

508

1.97

1.24

Kendall

0

0

5

48

2

55

355

2.82

1.78

Knox

0

0

3

1

0

4

5,929

0.17

0.11

La Salle

0

0

0

1

0

1

46,438

0.02

0.01

Lake

0

0

64

410

18

492

459

2.18

1.38

Lawrence

0

0

0

0

1

1

7,014

0.14

0.09

Lee

0

0

0

1

0

1

14,310

0.07

0.04

Livingston

0

0

0

1

0

1

15,297

0.07

0.04

Logan

0

0

0

0

2

2

5,936

0.17

0.11

Macon

0

0

4

31

18

53

948

1.06

0.67

Macoupin

0

0

1

0

0

1

21,097

0.05

0.03

Madison

0

0

1

5

4

10

10,894

0.09

0.06

Marion

0

0

0

1

0

1

18,022

0.06

0.04

Marshall

0

0

0

1

1

2

2,957

0.34

0.21

Mason

0

0

0

1

0

1

7,033

0.14

0.09

Mcdonough

0

0

0

0

0

0

0.00

0.00

Mchenry

0

0

27

151

3

181

513

1.95

1.23

Mclean

0

0

2

26

9

37

1,621

0.62

0.39

Menard

0

0

0

1

0

1

5,285

0.19

0.12

Monroe

0

0

0

2

2

4

2,687

0.37

0.24

Montgomery

0

0

0

0

1

1

12,525

0.08

0.05

Morgan

0

0

0

0

0

0

0.00

0.00

Moultrie

0

0

0

0

0

0

0.00

0.00

Ogle

0

0

0

0

0

0

0.00

0.00

Peoria

0

0

0

47

13

60

1,303

0.77

0.48

Piatt

0

0

0

0

0

0

0.00

0.00

Pike

0

0

0

1

1

2

4,006

0.25

0.16

Pulaski

0

0

1

0

0

1

3,353

0.29

0.19

Putnam

0

0

0

0

0

0

0.00

0.00

Randolph

0

0

0

4

1

5

2,666

0.38

0.24

Richland

0

0

0

0

0

0

0.00

0.00

Rock Island

0

0

2

1

1

4

16,122

0.06

0.04

Saint Clair

0

0

5

128

207

340

307

3.26

2.06

Saline

0

0

0

0

0

0

0.00

0.00

Sangamon

0

0

10

42

11

63

1,356

0.74

0.47

Stephenson

0

0

0

1

1

2

10,857

0.09

0.06

Tazewell

0

0

2

34

10

46

1,152

0.87

0.55

Union

0

0

0

0

0

0

0.00

0.00

Vermilion

0

0

0

1

1

2

18,175

0.06

0.03

Wabash

0

0

0

0

0

0

0.00

0.00

Warren

0

0

0

0

0

0

0.00

0.00

Washington

0

0

0

0

0

0

0.00

0.00

Whiteside

0

0

2

1

1

4

6,256

0.16

0.10

Will

0

0

42

500

116

658

267

3.75

2.37

Williamson

0

0

0

1

1

2

13,852

0.07

0.05

Winnebago

0

0

5

139

58

202

566

1.77

1.12

Woodford

0

0

0

0

1

1

13,487

0.07

0.05

 

 

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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