Foreclosure News

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ILLINOIS FORECLOSURE ACTIVITY INCREASES 9 PERCENT IN JULY
By RealtyTrac Staff!   

Statewide Foreclosure Filings Up 61 Percent From July 2007

IRVINE , Calif. – Aug. 29, 2008 – Illinois reported 8,915 properties with foreclosure filings in July, a 9 percent increase from the previous month, and 61 percent above the level reported for July 2007, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 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.

 

“The unemployment rate in Illinois rose significantly in July from 6.8 percent to 7.3 percent — the state's highest jobless level in almost 15 years,” said James J. Saccacio , chief executive officer of RealtyTrac. “With the number of unemployed individuals increasing in Illinois , the effects of the economic turmoil are being reflected in rising foreclosure figures.”

 

With a foreclosure rate of one in every 583 Illinois households receiving a foreclosure filing in July, Illinois ranks 12^th highest among the 50 states.

 

Although registering the ninth highest foreclosure total in the nation for July, the Prairie State still lagged way behind national leader California , which reported 72,285 properties with foreclosure filings for the month. Illinois ’ total was also well behind second place Florida , which documented 45,884 properties with foreclosure filings. Ohio moved up into third place, reporting 13,457 properties with foreclosure filings. Arizona came in a close fourth, reporting 13,350 properties with foreclosure filings. Michigan fell to fifth place, reporting 11,591 properties with foreclosure filings for the month. The remaining states in the nation’s top 10 for total foreclosure filings in July were Texas , Georgia , Nevada and New York .

 

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COOK County leads the state in foreclosure activity for July!

Once again, Cook County led the way in foreclosure activity by a wide margin in July, reporting 5,378 properties with foreclosure filings — 60 percent of the state total. Second place Will County documented 475 properties with foreclosure filings, followed closely in third place by Du Page County which reported 463 properties with foreclosure filings. Lake County was fourth highest, reporting 453 properties with foreclosure filings. Reporting 340 properties with foreclosure filings, Kane County came in fifth highest total for the month.

 

Cook County posts state’s highest foreclosure rate for the month!

With one in every 401 households receiving a foreclosure filing during July — 1.5 times the state average and 1.2 times the national average —

Cook County posted the highest foreclosure rate in Illinois . Kankakee County reported the state’s second highest foreclosure rate, with one in every 404 households receiving a foreclosure filing — 1.4 times the state average and 1.2 times the national average. Third highest foreclosure rate for the month was posted in Kendall County , where one in every 441 households received a foreclosure.

 

State a major contributor to nation’s foreclosure total in July

Illinois accounted for 3 percent of the 272,171 properties with foreclosure filings reported nationwide in July. The national total represents an increase of almost 8 percent from the previous month and is 55 percent ahead of the total reported for July 2007. One in every 464 U.S. households received a foreclosure filing during the month.

 

 

Report methodology

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. 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 filed against a property during the month — which is extremely rare — 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 .

 

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 1.3 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).

 

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