ILLINOIS FORECLOSURES UP 8 PERCENT IN SEPTEMBER

Activity Up 87 Percent From a Year Ago; Foreclosure Rate in Top 10

 

IRVINE, Calif. – Oct. 11, 2006 – Illinois reported 7,431 properties entering some stage of the foreclosure process in September, an 8 percent increase from the 6,909 properties reported in August, and 87 percent above the 3,977 properties reported for the same month last year, according to the RealtyTrac™ September 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 650,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, The Wall Street Journal’s Real Estate Journal and Knight Ridder Online.

 

Illinois’ growing foreclosure activity is due to a number of factors,” 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 sub-prime adjustable-rate mortgages by borrowers are all contributing to the current rise in the state’s foreclosure activity.”

 

Illinois had the fifth highest foreclosure total in the nation for September, slightly more than half of California which led the nation with 14,806 foreclosures. Reporting 12,946 foreclosures, Florida was well ahead in second place, followed by third place Texas with 11,988 foreclosures for the month. Michigan barely took fourth, reporting 7,846 foreclosures, while Ohio came in sixth with 6,794 properties in the foreclosure pipeline.

 

The state had the seventh highest foreclosure rate in the nation for the month — reporting one new foreclosure filing for every 658 households —almost 1.6 times the national average.

 

Cook County leads the state in foreclosures

Cook County led the state in foreclosure activity once again, accounting for 59 percent of all foreclosures in Illinois for September with 4,401 properties entering some stage of the foreclosure process during the month. Will County had the second highest total for the month, reporting 669 properties in the foreclosure pipeline. Other counties reporting significant foreclosure activity included Lake County with 510 properties, Kane County with 385 properties and Du Page County reporting 369 properties in foreclosure.

 

Will County reports highest foreclosure rate

Will County posted the highest foreclosure rate in the state for September, reporting one new foreclosure filing for every 262 households — 2.5 times the state average and 3.9 times the national average. Kendall County had the second highest rate, reporting one new foreclosure filing for every 315 households — 2.1 times the state average and 303 times the national average. Kane County had the third highest rate at one new filing for every 361 households, followed by McHenry County with one new filing for every 382 households and Lake County with one new filing for every 443 households.

 

State makes notable contribution to national total

Illinois’ foreclosure activity accounted for 7 percent of the 112,210 properties entering some stage of foreclosure nationwide in September. The national total represents a decrease of less than 1 percent from the 113,300 foreclosures reported in August. The national foreclosure rate was one new foreclosure filing for every 1,030 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 – September 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

25,379

43,840

6,285

19,338

17,368

112,210

1,030

Illinois

0

0

979

5,881

571

    7,431

658

1.57

 

 

 

 

 

 

 

 

 

 

Adams

0

0

1

0

0

1

29,386

0.04

0.02

Bond

0

0

1

0

0

1

6,690

0.15

0.10

Boone

0

0

0

0

0

0

0.00

0.00

Carroll

0

0

0

0

1

1

7,945

0.13

0.08

Cass

0

0

0

0

0

0

0.00

0.00

Champaign

0

0

0

21

2

23

3,273

0.31

0.20

Christian

0

0

0

0

0

0

0.00

0.00

Clinton

0

0

0

5

0

5

2,761

0.37

0.24

Coles

0

0

0

7

0

7

3,253

0.32

0.20

Cook

0

0

623

3,500

278

4,401

476

2.16

1.38

Crawford

0

0

1

0

0

1

8,785

0.12

0.07

De Kalb

0

0

5

39

2

46

717

1.44

0.92

Dewitt

0

0

0

0

0

0

0.00

0.00

Douglas

0

0

0

0

0

0

0.00

0.00

Du Page

0

0

49

310

10

369

910

1.13

0.72

Ford

0

0

1

3

0

4

1,515

0.68

0.43

Franklin

0

0

0

0

1

1

18,105

0.06

0.04

Fulton

0

0

0

0

1

1

16,240

0.06

0.04

Grundy

0

0

0

2

0

2

7,520

0.14

0.09

Henderson

0

0

0

1

0

1

4,126

0.25

0.16

Henry

0

0

0

0

0

0

0.00

0.00

Jackson

0

0

0

0

1

1

26,844

0.04

0.02

Jefferson

0

0

0

0

1

1

16,990

0.06

0.04

Jersey

0

0

0

0

0

0

0.00

0.00

Jo Daviess

0

0

0

0

1

1

12,003

0.09

0.05

Kane

0

0

56

307

22

385

361

2.85

1.82

Kankakee

0

0

0

24

14

38

1,069

0.96

0.62

Kendall

0

0

2

51

9

62

315

3.27

2.09

Knox

0

0

1

2

1

4

5,929

0.17

0.11

La Salle

0

0

2

2

0

4

11,610

0.09

0.06

Lake

0

0

82

390

38

510

443

2.33

1.49

Lee

0

0

0

0

1

1

14,310

0.07

0.05

Macon

0

0

5

32

6

43

1,168

0.88

0.56

Macoupin

0

0

0

1

0

1

21,097

0.05

0.03

Madison

0

0

3

2

1

6

18,157

0.06

0.04

Marion

0

0

0

0

0

0

0.00

0.00

Marshall

0

0

0

0

1

1

5,914

0.17

0.11

Mason

0

0

0

1

0

1

7,033

0.15

0.09

Massac

0

0

1

0

0

1

6,951

0.15

0.09

Mchenry

0

0

37

195

11

243

382

2.70

1.72

Mclean

0

0

1

13

5

19

3,156

0.33

0.21

Menard

0

0

0

0

1

1

5,285

0.19

0.12

Monroe

0

0

0

4

1

5

2,150

0.48

0.31

Morgan

0

0

1

0

0

1

15,291

0.07

0.04

Ogle

0

0

0

0

0

0

0.00

0.00

Peoria

0

0

0

41

8

49

1,596

0.65

0.41

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

4

1

5

2,666

0.39

0.25

Rock Island

0

0

1

1

4

6

10,748

0.10

0.06

Saint Clair

0

0

4

102

10

116

900

1.14

0.73

Saline

0

0

0

0

2

2

6,180

0.17

0.11

Sangamon

0

0

2

73

17

92

929

1.11

0.71

Stark

0

0

0

0

1

1

2,725

0.38

0.24

Tazewell

0

0

0

18

5

23

2,303

0.45

0.29

Vermilion

0

0

0

13

6

19

1,913

0.54

0.34

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

1

0

0

1

25,025

0.04

0.03

Will

0

0

93

503

73

669

262

3.93

2.51

Winnebago

0

0

5

214

35

254

450

2.29

1.46

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

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