Dec
16

Foreclosure Activity Falls to Its Lowest Point in Almost Two Years

December 16, 2010

Chicagoland Real Estate Forum is happy to announce a major drop in foreclosure activity last month across the country and in Illinois.

RealtyTrac, an online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report to show that 262,339 U.S. properties recorded foreclosure filings during the month of November.

“Foreclosure activity decreased dramatically in November, with fewer than 300,000 properties receiving a foreclosure notice for the first time since February 2009,” said James J. Saccacio, chief executive officer at RealtyTrac.

That drop in foreclosure activity marks a 21 percent decrease from October and a 14 percent drop from November 2009.

In fact, the 21 percent month-over-month decrease and the 14 percent year-over-year decrease were the highest drops in foreclosure activity ever recorded since RealtyTrac began publishing the report in January 2005.

That’s what we like to see.

Illinois posted its own dramatic decrease in foreclosure rates. A total of 12,941 properties received foreclosure-related filings in November: a 23.7 percent decrease from October and a 21.2 percent drop from November 2009.

While Illinois is No. 9 out of the top 10 states in the nation for most foreclosures, its rate of one in every 408 properties receiving a foreclosure filing in November was less than the national average of one in every 492 households.

It’s also a big improvement over October’s stats of one in every 311 Illinois homes receiving a foreclosure notice.

The top 10 states for foreclosure activity in November:

*Nevada: Still at No. 1 with one in every 99 homes receiving a foreclosure notice. That’s almost five times the national average.

*Utah: One in every 221

*California: One in every 233

*Arizona: One in every 262

*Florida: One in every 267

*Georgia: One in every 279

*Michigan: One in every 296

*Idaho: One in every 301

*Illinois: One in every 408

*Colorado: One in every 433

This is one top 10 list we hope Illinois does not make next month.

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[...] A man who usually carries out evictions spent Sunday throwing a party for dozens of children whose families recently lost their Chicago area homes. [...]

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