Illinois Foreclosure Report - RealtyStore
Default notices in Illinois up 26% from July 2008 and 37% from August 2007
Santa Barbara, September 15, 2008 – RealtyStore (www.realtystore.com), the nation’s leading provider of foreclosure listings, released its monthly Illinois Foreclosure Report.
RealtyStore.com recorded 7,075 notices of default (NODs) statewide for August 2008. This was a 26% increase from those recorded in July 2008 and 37% rise from August 2007. An NOD is filed by the lending institution, when a homeowner falls behind on mortgage payments. NODs provide important information about which homeowners have home loans they cannot afford. Over the past year, Illinois has had the 12th highest foreclosure rate in the nation. For August 2008, 1 out of every 735 households in Illinois received a default notice, which is more than 3 times the national average.
“Mounting inventory in the Chicago real estate market has lenders slashing prices by as much as 60% on foreclosed properties,” said Tim Chin, CEO of RealtyStore. “Such attractive pricing has investors clamoring for bargains.”
Approximately, 70% of foreclosures in Illinois are occurring in Cook County. Cook County, home to the Chicago Bears and the second most populous county in the nation after Los Angeles, had 4,881 defaults in August 2008. This was a 31% increase from the previous month of 3,720 defaults and 42% rise from August of last year. Although foreclosure activity in Chicago may seem moderate when compared to counties in California such as Los Angeles which has twice the number of defaults at 9,985 for August 2008, it is still considered high by historic standards. As such, lenders are eagerly offloading property to Chicago bargain hunters.
Illinois has long been viewed as a microcosm of the United States due to its demographics. Peoria, Illinois, in particular, has the legendary test market status of the average American city. Major TV networks would visit Peoria during Presidential campaigns to ‘take the pulse’ of everyday Americans on candidates and national issues. If the saying “Will it play in Peoria?”, meaning will something appeal to mainstream America, still holds water, perhaps the foreclosure crisis will be tempered by eager investors hunting for deals.
Written by: Eng, Jaymie. Market Analyst for RealtyStore.com
Copyright © 2008, RealtyStore.com
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