The number of foreclosure filings in Illinois nearly doubled last year from two years ago, reports RealtyTrack Inc.
There were almost 90,800 foreclosure filings in Illinois in 2007, according to figures released Tuesday by RealtyTrac of Irvine, Calif. The filings were made on 64,310 properties.
RealtyTrac defines foreclosure filings as default notices, notices of auction sales and bank repossessions.
The number of filings in Illinois housing and real estate marks an increase of 25.3% from last year and a 94.3% increase from 2005.
Illinois was among the top 10 states for foreclosure filings in 2007. California led the pack with 481,392, more than three times the number in 2006 and more six times the number in 2005.
Cook County led the Chicago metro area for the highest number of foreclosure filings in 2007 with 52,355. That is a 25% increase from 2006 and more than double from 2005.
In Illinois, 1.25% of households went into some stage of foreclosure last year, higher than the national average of 1.033%, according to RealtyTrac.
Across the nation, there were 2.2 million foreclosure filings last year. That’s a 75% increase from 2006, RealtyTrac says.
“And while filings were up 75%, the number of properties in some stage of foreclosure was up 79%, indicating that some properties may have just entered the initial stage of foreclosure in 2007 and could be going through the rest of the foreclosure process in 2008 — unless lender and government intervention efforts begin to gain more traction,” RealtyTrac CEO James Saccacio said in a statement. - Source: By Chicago Bubble Blog
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