IL, CHICAGO FORECLOSURE CONTINUE CLIMB DRASTICALLY IN SEPTEMBER, Countering National Trend!
ILLINOIS RANKS 6TH IN THE NATION IN HOME FORECLOSURES/TOTAL HOUSING UNITS - REALTYTRAC.COM
Nationwide, New Foreclosures on Residential Property fell for the third consecutive month in October. But, in Illinois, especially in Cook County - the county in which the City of Chicago is located - bucks the trend.
According to CA-Based RealtyTrac.com, as reported in today's USA Today by reporter Paul Wiseman nearly 330,000 homes were at some stage of the foreclosure process last month. That's a drop of 3% versus September, but up 19% since October, 2008. Across the U.S., statistically, 1 in 385 homes were in foreclosure.
IL, however, ran counter to the trend. In October, foreclosures in Illinois increased a staggering 56% versus September. Across the state, one in 256 homes were at some stage of the process. The total foreclosures-in-process in IL last month - 117,712. In terms of percentage of homes in foreclosure, IL was ranked Number 6 nationally last month.
As one might expect, Cook County IL - the county that includes the City of Chicago - represents the lion's share of new foreclosure filings in Illinois. Last month, 11,494 new foreclosures were filed in Cook County, 57.6% of the 19,946 filed across the state in September.
Taken together, four states - Florida, California, Michigan, and Illinois - accounted for more than half of foreclosures across the U.S. last month.
The number one state for foreclosures in October - Nevada. One out of every 80 homes in that state were at some stage of the foreclosure process. In the Las Vegas Metro Area, a staggering one in 68 homes have been foreclosed upon.
DEAN MOSS & DEAN'S TEAM CHICAGO
