Illinois Foreclosures Up in 2010

Foreclosure filings rise 15 percent from 2009; rate 9th highest in nation

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 151,304 Illinois properties for 2010, up 15 percent from a year ago and 52 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™. One in every 35 Illinois housing units received a foreclosure filing, the ninth highest state foreclosure rate in the nation for the year.

 

Foreclosure filings were reported on 13,561 Illinois properties in December 2010, a 31 percent increase from November, but still 33 percent lower than the level reported in December 2009. One in every 201 Illinois housing units received a foreclosure filing during the month, 2.5 times the national average.

 

“Foreclosure activity in Illinois jumped up considerably in 2010 to well above what was reported for the past two years,” said James J. Saccacio, chief executive officer of RealtyTrac. “One of the worst-affected states in the nation in terms of foreclosure filings, Illinois is also having a tough time in terms of keeping its residents employed. Unless the state’s job market begins to improve soon, its mounting pile of foreclosure filings will just continue to grow.”

 

Illinois had the fourth highest total in the nation in 2010 as California continued to lead the nation with 546,669 properties with foreclosure filings. Florida came in second, tallying 485,286 properties with foreclosure filings. Arizona came third, reporting 155,878 properties with foreclosure filings. Michigan made it into the nation’s top five for 2010, tallying 135,874 properties with foreclosure filings.

 

The remaining states in the nation’s Top 10 for 2010 were Georgia (130,966), Texas (118,923), Ohio (108,160), Nevada (106,160) and New Jersey (64,808). The top five states accounted for 51 percent of all foreclosure filings in the nation for the month.

 

Kendall County posts state’s top foreclosure rate in 2010

Kendall County posted the highest foreclosure rate in Illinois in 2010, with one in every 13 housing units receiving a foreclosure filing — 3.4 times the national average. Kane County came in second, with one in every 19 housing units receiving a foreclosure filing in 2010 — 2.3 times the national average. The next highest was Will County, where one in every 21 housing units received a foreclosure filings during the year — 2.1 times the national average.

 

Cook County led the state in foreclosure activity in 2010

Cook County led Illinois in foreclosure activity, reporting 80,618 properties with foreclosure filings. Next highest was Will County, where 11,027 properties with foreclosure filings were reported. Lake County was third highest, reporting 11,026 properties with foreclosure filings for the year. Du Page County came in fourth, tallying 10,646 properties with foreclosure filings. Fifth highest total for the year was in Kane County, where 9,041 properties with foreclosure filings were reported.

 

State the nation’s fourth largest contributor to total foreclosure activity in 2010

Illinois accounted for 5 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction 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). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

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

 

Illinois Top Foreclosure Rates By County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

Illinois

0

74,916

0

26,641

49,747

151,304

35

1.29

n/a

 

 

 

 

 

 

 

 

 

 

Kendall

0

1,113

0

569

930

2,612

13

3.38

2.63

Kane

0

3,801

0

2,636

2,604

9,041

19

2.33

1.81

Will

0

6,268

0

1,806

2,953

11,027

21

2.14

1.66

Mchenry

0

3,142

0

837

1,406

5,385

21

2.09

1.62

Lake

0

5,654

0

1,910

3,462

11,026

23

1.95

1.51

 

 

Illinois Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

1.67

23.23

Illinois

0

74,916

0

26,641

49,747

151,304

35

15.38

52.08

 

 

 

 

 

 

 

 

 

 

Cook

0

38,964

0

14,233

27,421

80,618

27

13.04

47.68

Will

0

6,268

0

1,806

2,953

11,027

21

21.71

66.77

Lake

0

5,654

0

1,910

3,462

11,026

23

19.67

74.38

Du Page

0

5,210

0

2,121

3,315

10,646

34

21.95

72.15

Kane

0

3,801

0

2,636

2,604

9,041

19

24.43

91.99

 

 

 

Illinois Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

Illinois

0

9,134

0

2,131

2,777

14,042

376

1.33

n/a

 

 

 

 

 

 

 

 

 

 

Kendall

0

143

0

16

56

215

161

3.10

2.33

Will

0

518

0

314

209

1,041

223

2.25

1.69

Mchenry

0

284

0

143

89

516

224

2.23

1.68

Cook

0

5,377

0

1,303

1,437

8,117

269

1.86

1.40

Kane

0

423

0

74

127

624

279

1.79

1.35

 

 

Illinois Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

Illinois

0

9,134

0

2,131

2,777

14,042

376

8.51

-21.20

 

 

 

 

 

 

 

 

 

 

Cook

0

5,377

0

1,303

1,437

8,117

269

12.97

-24.76

Du Page

0

768

0

91

240

1,099

328

45.95

-12.71

Will

0

518

0

314

209

1,041

223

-5.96

-2.44

Lake

0

640

0

22

221

883

288

2.91

-13.26

Kane

0

423

0

74

127

624

279

52.94

-32.61

 

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