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Another Record for Foreclosures in Chicago land in 3rd Qtr 2008

Another Record for Foreclosures in Chicago land in 3rd Qtr 2008


Posted: 10-28-2008, the Illinois Foreclosures Listing Service, released the official Illinois foreclosure statistics for the 3rd Quarter of 2008 demonstrating a new record number of foreclosure filings. In the 3rd Quarter there were 15,752 new foreclosed properties in the Chicago Area which includes Cook, Dupage, Kane, Kendall, Lake, McHenry, Will and Winnebago Counties.

The 15,752 new foreclosure filings is the first time ever there have been over 15,000 quarterly foreclosures in the Chicago area and represents a 7% increase over the 2nd Quarter of 2008.  To gain more perspective on the current level of Illinois foreclosures, in the 3rd Quarter of 2006 there were only 8400 total foreclosure filings in the Chicago Area.

Cook County, Illinois most populous county accounts for 9696 foreclosures,a 4.25% increase over the previous quarter. Dupage, Kane, Kendall, Lake, McHenry and Will Counties all experienced increased foreclosure numbers in the 3rd Quarter with Will County foreclosures filings increasing by a whopping 29%.  Winnebago County foreclosures actually had a decrease in foreclosure filings in the 3rd Quarter,dropping by 10% from the previous quarter., the Illinois Foreclosure Listing Service, records the newest foreclosure, auction, auction result and REOs directly from the Illinois Counties so as to provide the most accurate up to date Illinois foreclosure data available. 

By TJ McKinney