Santa Barbara, CA Dec 10, 2009 -- RealtyStore (http://www.realtystore.com) recorded 11,698 Notices of Default (NOD) in Illinois in November 2009; nearly double the 5,797 figure for November 2008. Such notices are posted when a homeowner is significantly behind on his mortgage payments and a foreclosure may take place if the balance is not paid.
Leading the state in Notices of Default is Cook county, the state’s most populous county and home to its largest city, Chicago. With 7,782 NOD filings in November 2009, Cook numbers have more than doubled from November 2008. Earlier this year, the Cook County Court found itself so overwhelmed by foreclosure filings that it had to postpone foreclosure proceedings between the months of April and September.
However, Cook county is not leading the state in terms of NOD filings increase – not by far. With a population of merely 88,000, De Kalb County leads the state in the NOD upsurge, with a 597% increase (216 notices up from 31) in Notices of Default.
NODs in Lake County have nearly tripled, with 992 NODs this November compared to 375 NODs in November last year. Tiny Rock Island County has experienced a similar upsurge, 90 NODs this November over 37 a year ago.
Du Page County has also felt the upsurge of NODs – 736 this November compared to 377 last November; that’s almost double the amount of NODs in Du Page County.
Only two Counties in Illinois have actually seen their NOD filings decrease over this one-year period: Winnebago County shows 106 filings this November over138 one year ago; Tazewell County figures are 41 NODs this year over 52 NODs one year ago.
Tim Chin, CEO of RealtyStore.com (http://www.realtystore.com) believes this upsurge of NODs will be reflected in a considerable increase in foreclosures in Illinois for 2010, "Many homeowners chose Option ARMs back in 2004 and 2005, and these loans reset in five years. We expect to see a flood of new foreclosures in Chicago and other parts of Illinois in 2010, creating new market volatility and, with it, unique opportunities for first time home buyers and real estate investors."