ILLINOIS FORECLOSURES UP 41 PERCENT IN AUGUST

Activity Up 66 Percent From a Year Ago; Foreclosure Rate in Top 10

 

IRVINE, Calif. – August 31, 2006 – Illinois reported 7,059 properties entering some stage of the foreclosure process in June, a surge of 41 percent from the 5,018 properties reported in July, and 66 percent above the 4,251 properties reported for the same month last year, according to the RealtyTrac™ August 2006 U.S. Foreclosure Market Report. The state had the eighth highest foreclosure rate in the nation for the month — reporting one new foreclosure filing for every 693 households.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with more than 600,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, AOL Real Estate and Knight Ridder Online.

 

“The fact that Illinois still has one of the top 10 foreclosure rates in the country tells me that the state’s economy is being hard hit by a number of economic factors,” said James J. Saccacio, chief executive officer of RealtyTrac. “Chief among them a soft real estate market characterized by slower home sales, low home price appreciation and a growing inventory of housing stock.”

 

Once again Illinois posted the fifth highest foreclosure total in the country, well behind national leader Florida by more than 9,000 foreclosures, and behind second place Texas by more than 7,000 foreclosures. While the state lagged behind third place California by more than 5,000 foreclosures, it was only 400 foreclosures behind fourth place Ohio. The state’s foreclosure rate was 1.45 times the national average.

 

Largest share of state foreclosure activity in Cook County

Activity in Cook County accounted for 60% of all foreclosures in Illinois for August, reporting 4,275 properties entering some stage of the foreclosure process during the month. The next largest total of foreclosures was found in Will County reporting 568 properties in the foreclosure pipeline. Other counties reporting significant activity levels included Lake County with 440 properties, Du Page County with 413 properties and Kane County reporting 331 properties in foreclosure.

 

Highest foreclosure rate reported in Will County

Will County posted the highest foreclosure rate in the state for August, reporting one new foreclosure filing for every 309 households — 2.2 times the state average and 3.25 times the national average. Kendall County registered the second highest rate, reporting one new foreclosure filing for every 375 households — 1.9 times the state average and 2.7 times the national average. Mchenry County had the third highest rate at one new filing for every 460 households, followed by Cook County reporting one new filing for every 490 households and Lake County with one new filing for every 513 households.

 

State makes notable contribution to national total

Total foreclosure activity in Illinois accounted for more than 6 percent of the 115,292 properties entering some stage of foreclosure nationwide in August. The national total represents a 24 percent increase from the 92,845 foreclosures reported in July. The nation’s foreclosure rate increased to one new foreclosure filing for every 1,003 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 – August 2006

 

State Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

20,611

45,704

7,328

21,533

20,116

115,292

1,003

Illinois

0

0

1,204

5,082

773

7,059

693

1.45

 

 

 

 

 

 

 

 

 

 

Adams

0

0

2

1

1

4

7,347

0.14

0.09

Alexander

0

0

0

0

1

1

9,590

0.10

0.07

Bond

0

0

0

0

1

1

6,690

0.15

0.10

Boone

0

0

0

8

2

10

1,541

0.65

0.45

Bureau

0

0

0

0

0

0

0.00

0.00

Carroll

0

0

0

0

1

1

7,945

0.13

0.09

Cass

0

0

0

0

0

0

0.00

0.00

Champaign

0

0

0

30

8

38

1,981

0.51

0.35

Christian

0

0

0

0

1

1

14,992

0.07

0.05

Clinton

0

0

1

5

1

7

1,972

0.51

0.35

Coles

0

0

4

1

0

5

4,554

0.22

0.15

Cook

0

0

775

3,103

397

4,275

490

2.05

1.41

Crawford

0

0

0

1

0

1

8,785

0.11

0.08

De Kalb

0

0

4

37

4

45

733

1.37

0.95

Dewitt

0

0

0

0

0

0

0.00

0.00

Douglas

0

0

0

1

0

1

8,005

0.13

0.09

Du Page

0

0

57

333

23

413

813

1.23

0.85

Ford

0

0

1

0

0

1

6,060

0.17

0.11

Fulton

0

0

1

1

0

2

8,120

0.12

0.09

Greene

0

0

0

0

1

1

6,332

0.16

0.11

Grundy

0

0

0

2

0

2

7,520

0.13

0.09

Hamilton

0

0

0

0

0

0

0.00

0.00

Hancock

0

0

0

0

0

0

0.00

0.00

Henry

0

0

3

0

1

4

5,318

0.19

0.13

Iroquois

0

0

1

0

0

1

13,362

0.08

0.05

Jackson

0

0

0

0

0

0

0.00

0.00

Jefferson

0

0

0

0

0

0

0.00

0.00

Jersey

0

0

0

0

1

1

8,918

0.11

0.08

Jo Daviess

0

0

0

0

1

1

12,003

0.08

0.06

Kane

0

0

58

253

20

331

420

2.39

1.65

Kankakee

0

0

4

23

6

33

1,231

0.81

0.56

Kendall

0

0

13

36

3

52

375

2.67

1.85

Knox

0

0

0

2

1

3

7,906

0.13

0.09

La Salle

0

0

1

1

2

4

11,610

0.09

0.06

Lake

0

0

86

329

25

440

513

1.95

1.35

Lawrence

0

0

0

0

1

1

7,014

0.14

0.10

Lee

0

0

0

0

1

1

14,310

0.07

0.05

Livingston

0

0

0

1

0

1

15,297

0.07

0.05

Logan

0

0

0

0

1

1

11,872

0.08

0.06

Macon

0

0

5

22

8

35

1,435

0.70

0.48

Macoupin

0

0

0

0

1

1

21,097

0.05

0.03

Madison

0

0

1

0

5

6

18,157

0.06

0.04

Marion

0

0

0

0

0

0

0.00

0.00

Marshall

0

0

0

0

0

0

0.00

0.00

Mason

0

0

0

0

2

2

3,517

0.29

0.20

Massac

0

0

0

0

1

1

6,951

0.14

0.10

Mcdonough

0

0

0

0

0

0

0.00

0.00

Mchenry

0

0

35

159

8

202

460

2.18

1.51

Mclean

0

0

2

15

5

22

2,726

0.37

0.25

Menard

0

0

0

0

0

0

0.00

0.00

Mercer

0

0

1

0

0

1

7,109

0.14

0.10

Monroe

0

0

0

5

1

6

1,792

0.56

0.39

Montgomery

0

0

0

0

0

0

0.00

0.00

Morgan

0

0

0

1

0

1

15,291

0.07

0.05

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

2

44

10

56

1,397

0.72

0.50

Perry

0

0

0

0

1

1

9,457

0.11

0.07

Piatt

0

0

1

0

0

1

6,798

0.15

0.10

Putnam

0

0

0

0

0

0

0.00

0.00

Randolph

0

0

0

3

2

5

2,666

0.38

0.26

Rock Island

0

0

2

2

5

9

7,165

0.14

0.10

Saint Clair

0

0

4

135

31

170

614

1.63

1.13

Saline

0

0

0

0

1

1

12,360

0.08

0.06

Sangamon

0

0

2

33

7

42

2,035

0.49

0.34

Shelby

0

0

1

1

0

2

5,030

0.20

0.14

Stark

0

0

0

1

0

1

2,725

0.37

0.25

Stephenson

0

0

0

0

2

2

10,857

0.09

0.06

Tazewell

0

0

4

38

21

63

841

1.19

0.82

Vermilion

0

0

2

27

13

42

865

1.16

0.80

Wabash

0

0

0

0

0

0

0.00

0.00

Warren

0

0

0

1

0

1

7,787

0.13

0.09

Whiteside

0

0

0

0

2

2

12,513

0.08

0.06

Will

0

0

123

345

100

568

309

3.25

2.24

Williamson

0

0

1

0

0

1

27,703

0.04

0.03

Winnebago

0

0

7

82

43

132

867

1.16

0.80

Woodford

0

0

0

0

0

0

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

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