Counties Reeling Under Foreclosures

February 1st, 2008 | Tags: Foreclosure

In 2007 Kendall and Will Counties in Illinois ranked first in the foreclosure race. Grundy County stood 12^th with 1.094%. In Illinois it was 1.25 while across the country it was 1.033.In Kendall County out of 1,000 houses 20.78 were in foreclosure with 2,078 listings. In Will County 2.012 of its houses were in some stage or the other of foreclosure.

In recent years there has been high population growth in Kendall and Will counties. Today they are being more strongly hit by the foreclosure tornado than other places that had seen slower growth rate. This is one analysis made from the figures that are coming through. Those that have seen a spate of new houses mushrooming in the recent past are now most vulnerable to the crisis.

The total number of foreclosure listings in Kendall County in 2007 was 838 – up by 76% from 2006 and by 550% from 2005. The number of filings in Will County was 6,787 in 2007 – up by 23% from 2006 and 165% from 2005. The figures include all stages of foreclosure from default to auction notices and bank repossessions. Various tracking and data collecting groups have come up more or less same findings with figures pointing to similar trend.

Across the nation there were 2,203,295 foreclosure filings on 1,285,873 units during 2007. It was a rise of 75% from the previous year. Across USA 1% of the houses in 2007 were in foreclosure (some stage or the other) as against 0.58% in the previous year.

Nevada topped the race coming first with 3.4% of its houses marked with foreclosure in 2007. It is treble the national figure. Florida came second with 2%. Michigan came third with 1.9% of its households in foreclosure.

Amongst the other top rankers are California, Colorado, Ohio, Georgia, Illinois and Indiana – all with more than 1% of their houses under the foreclosure cloud during the previous year.

As numbers pour in many interpretations are being made. Looming large is the question of recession as the dollar slides and stocks tumble. Is the economy leading to foreclosures or vice versa? Areas where the local economy is strong is able to fight back but places like Detroit where the industry is in the doldrums the people without jobs do not have the energy and strength to fight back. Other issues like race are being also raised.