CHICAGO FORECLOSURES INCH HIGHER ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT
City’s Foreclosure Rate Jumps to Second-Highest Among Nation’s Five Largest Metro Areas; Illinois Foreclosures Increase 9.9 Percent.
Irvine, Calif. – August 25, 2005 – Chicago foreclosures crept 1.3 percent higher in July, but that slight increase was enough to move the city’s foreclosure rate to second highest among the nation’s top-five metropolitan areas, according to the RealtyTrac™ July 2005 U.S. Foreclosure Market Report.
RealtyTrac Inc. (www.realtytrac.com) publishes the largest national database of pre-foreclosure and foreclosure properties, with more than 550,000 properties in nearly 2,000 counties across the country, and is the foreclosure data provider to MSN House & Home, Yahoo! Real Estate, AOL Real Estate and HomeGain.com.
Cook County reported 1,890 properties entering some stage of foreclosure in July, an increase of only 25 properties from June. But foreclosures fell in the other major metropolitan areas, moving the city’s foreclosure rate from third highest to second highest behind Dallas-Fort Worth. Los Angeles, New York and Philadelphia all had lower foreclosure rates.
“Although Chicago foreclosures increased slightly in July, they appear to be stabilizing after some wild swings in recent months,” said James J. Saccacio, RealtyTrac chief executive officer.
Thanks to a 9.9 percent jump in foreclosures across Illinois, the state’s foreclosure rate of one foreclosure for every 1,182 households climbed closer to Chicago’s foreclosure rate of one foreclosure for every 1,109 households. The city and state both registered foreclosure rates more than 1.3 times the national average of one property in every 1,465. The national foreclosure rate increased by 4.7 percent in July, the second consecutive monthly increase.
Most of the collar counties around Chicago reported foreclosure rates below national and state averages. The foreclosure rates in Lake, Kane and McHenry counties all dropped below the state average thanks to declines in new foreclosures. Du Page County reported 139 new foreclosures in July — an 11.5 percent decrease — but the county’s foreclosure rate was lowest among the collar counties with one foreclosure for every 2,415 households.
Foreclosure rates in Kendall and Will counties stayed above state and national averages despite fewer properties entering foreclosure in July. With 200 properties entering some stage of foreclosure, Will County foreclosures fell 31.3 percent in July. But the county’s foreclosure rate was 1.7 times the national average with one foreclosure for every 878 households.
The number of properties entering some stage of foreclosure nationwide rose to 78,979 in July, a 4.7 percent increase from June and the most new foreclosures reported in any month year-to-date. New foreclosures have jumped more than 12 percent in the last two months, pushing the nation’s foreclosure rate to one foreclosure for every 1,465 households.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides a graphical map that illustrates foreclosure percentiles by state (appended to this press release or available by request), as well as the total number of homes in some stage of foreclosure nationwide and by state over the preceding month. Data is also available at the individual county level. 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 repurchased by a bank).
Below are foreclosure market statistics nationwide and by state:
|District of Columbia 7/2005||0||6||0||0||17||23||13.73|
|New Hampshire 7/2005||0||12||0||0||12||24||9.80|
|New Jersey 7/2005||1274||655||0||0||63||1992||68.63|
|New Mexico 7/2005||260||133||0||0||100||493||70.59|
|New York 7/2005||0||0||1058||2018||91||3167||53.92|
|North Carolina 7/2005||24||364||0||0||1060||1448||53.92|
|North Dakota 7/2005||0||0||0||0||7||7||4.90|
|Rhode Island 7/2005||0||7||0||0||0||7||1.96|
|South Carolina 7/2005||41||179||0||0||415||635||48.04|
|South Dakota 7/2005||2||3||0||0||10||15||11.76|
|West Virginia 7/2005||0||222||0||0||27||249||39.22|
About RealtyTrac Inc.
Ranked as the fourth-largest real estate site by Nielsen Net Ratings, 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 and For Sale By Owner properties, with more than 550,000 properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts close to two million unique visitors monthly and is the exclusive foreclosure data supplier to MSN House & Home, Yahoo! Real Estate and HomeGain as well as the foreclosure data provider to AOL Real Estate. For more information, visit www.realtytrac.com.
Atomic Public Relations