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Record Levels of Foreclosures in the Chicagoland Area in 4th Quarter of 2007

Record Levels of Foreclosures in the Chicagoland Area in 4th Quarter of 2007

 

Posted: 01-11-2008

ilFLS.com, the Illinois foreclosure listings service, released its final foreclosure numbers for 2007 yielding some interesting, and for homeowners, some worrisome growth trends in the Chicagoland foreclosure market. 


It is difficult at this point to determine whether Illinois foreclosures reached an absolute peak in 2007, however one thing is very certain:  compared to 2006, Cook and the collar counties saw a dramatic increase in the number of homeowners facing foreclosure.  In fact the 4th Quarter of 2007 saw a 43% increase over the same period the previous year. 


"The statistics in Illinois are representative of an expanding foreclosure market." says T.J. McKinney Investor Relations for ilFLS.com. "Basically you have a perfect storm that is creating the foreclosure market:  the bursting of the real estate market bubble resulting in a decline in real property values, the U.S. economy entering a recession, and the lack of ready available capital to remedy the situation.  Put simply we expect an additional 10-15% increase in the number of foreclosures in the Chicagoland area in 2008."  


 

 

Foreclosure Statistics Chicagoland Area 2006 through 2007

County/Quarter
 

Cook 

Dupage 

Kane 

Kendall 

Lake 

McHenry 

Will 

Winnebago 

1st  2006 

4500

460 

425 

50 

660 

285 

800 

n/a 

2nd 2006

4500 

500 

320 

100 

490 

230 

740 

n/a 

3rd 2006 

5380 

565 

470 

85 

635 

280 

760 

n/a 

4th 2006

6030 

610

510
135 770
325 

925 

225 

1st 2007

6545 

680 

650 

155 

685 

369 

920 

450 

2nd 2007
7060

730

630

155 740

330

885

340


3rd 2007
7415

820

765

180

840

420

1280

450


4th 2007
9040

890

705

205

855

435

1025

455


   

*All foreclosure statistics provided by www.ilFLS.com, the Illinois Foreclosures Listing Service.