Foreclosures a Big Part of the 2010 Real Estate Scene

January 13, 2011

One of the main housing stories of 2010 involved the massive amount of foreclosures across the country, and the Chicagoland real estate market was definitely affected.

RealtyTrac today released its Year-End 2010 U.S. Foreclosure Market Report to show that one in every 45 U.S. homes received at least one foreclosure filing last year.

According to the online website for foreclosure properties, 3,825,637 filings were reported on a record 2,871,891 U.S. properties in 2010. That’s a 2 percent increase from 2009 and a 23 percent jump from 2008.

Foreclosure Sign as a ramp sign.The bright side is that foreclosure filings in December were down almost 2 percent from November and 26 percent from December 2009. That is the biggest annual drop in foreclosure activity since RealtyTrac began publishing this report in January 2005.

In fact, foreclosure filings for the fourth quarter were down 14 percent from the previous quarter, making it the lowest quarterly total in two years.

“Total properties receiving foreclosure filings would have easily exceeded 3 million in 2010 had it not been for the fourth quarter drop in foreclosure activity — triggered primarily by the continuing controversy surrounding foreclosure documentation and procedures that prompted many major lenders to temporarily halt some foreclosure proceedings,” said James J. Saccacio, chief executive officer of RealtyTrac.

“Even so, 2010 foreclosure activity still hit a record high for our report, and many of the foreclosure proceedings that were stopped in late 2010 — which we estimate may be as high as a quarter million — will likely be re-started and add to the numbers in early 2011.”

Way to rain on our bright side.

In 2010, Illinois had the ninth highest rate of foreclosure and was ranked fourth in the country for the total number of homes with a record 151,304 properties receiving a foreclosure filing.

Our state’s foreclosure rate last year was one in every 35 homes, a 15.4 percent increase from 2009.

In the Chicago area, 138,913 properties received a foreclosed filing in 2010; that’s one in every 27 homes, a 16.1 percent increase.

The city took the biggest hit:

*Cook County: 80,618 total foreclosure filings in 2010

*DuPage: 10,646

*Kane: 9,041

*Kendall: 2,612

*Lake: 11,026

*McHenry: 5,385

*Will: 11,027

And while the nation saw a drop in foreclosure filings for December, Illinois’ rate increased 8.5 percent and the Chicago area’s went up 8.6 percent from November.

It could always be worse: Nevada recorded the worst foreclosure rate in the country for the fourth straight year after one in every 11 homes received a filing in 2010.

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Watch the movie – Inside Job….this explains the whole crash that happened.

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