Foreclosure Information for Illinois
According to the website RealtyTrac's Year-End Report for 2009, Illinois ranks ninth in the country for percentage of foreclosure filings, or 2.5 percent of the state's total homes, and fourth in the nation for number of foreclosed homes, or 131,132. The website further states that 50 percent of the nation's total foreclosure filings in 2009, or 1.4 million, were filed in California, Florida, Arizona and Illinois.
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Illinois and the Nation
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In Illinois, one in 40 homes have received foreclosure filings as of the end of the 2009; the nation's average is one in 45 homes, according to RealtyTrac's Year-End Report for 2009. The national percentage of increase from 2008 to 2009 was 21 percent, while Illinois reported a 32 percent increase, or 11 points higher than the nation. From 2007 to 2009, the United States witnessed an increase of 120 percent in the number of foreclosures, while Illinois came in slightly under with an 104 percent increase. Of the total number of homes in the nation that have received foreclosure filings in 2009, or 2.8 million, Illinois filed 131,132, or 4.6 percent of the nation's total.
In the Same Boat: States with Similar Foreclosure Numbers as Illinois
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Illinois' percentage of homes affected in 2009, or 2.5 percent, ranks it ninth nationally for percentage of homes in the state with foreclosure filings. In eighth and seventh place, Michigan and Georgia respectively account for 2.6 and 2.9 percent, while Colorado and Oregon, ranked 10th and 11th nationally, claim 2.4 and 2.1 percent respectively. Ranked fourth in the nation for total numbers of foreclosures in 2009, or 131,132, Illinois was behind first-, second- and third-ranked California (632,573), Florida (516,711) and Arizona (163,210), while just ahead of Michigan's fifth ranking with 118,302 and Nevada's sixth ranking with 112,097 properties foreclosed in 2009.
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2009 Quarter Three and Four in Illinois
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Illinois' total number of foreclosures in 2009 was due in part to the state's 2009 fourth quarter, which saw a 29-percent increase from quarter three and a 9 percent increase from November to December in 2009, according to the website RealtyTrac.
Foreclosures by County
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Illinois' Cook County received the highest number of foreclosures in 2009, or 74,331 homes, which is 57 percent of the state's total. Counties with 5,000 or more foreclosures each in 2009 included Illinois' Lake, Kane and, DuPage Counties which are all located in the northern region of the state. Illinois Counties with zero foreclosures in 2009 included Pulaski, Wayne, Lawrence, Coles, Shelby, Brown, Calhoun and Henderson Counties, which are all located in the state's central and southern regions.
Home Values
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The website Zillow reports that as of June, 2010, Illinois home values have dropped to an average of $165,000 per home, which is a decrease of 8 percent from June of 2009's $210,000 price. In 2006, 2007 and 2009 respectively, homes in Illinois averaged $270,000, $260,000 and $240,000.
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References
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