The number of foreclosures also spiked in the last quarter of 2007 in nearly
every community in the Chicago
region.  Between
2005 and 2007, the number of properties
with foreclosure filings in the region increased by nearly 80 percent.
The
number of properties with foreclosure filings grew to 38,215 in 2007
which was
an increase of nearly 32 percent from a previous high of 28,997 in
2006.  This is on the heels of a 36 percent increase between 2005 and
2006.

File Icon 2007 Foreclosure Report

The report’s findings also show:

• The number of properties with foreclosure filings has
grown tremendously since 2005. Between 2005 and 2007, the number of properties
with foreclosure filings in the region increased by nearly 80 percent. The
number of properties with foreclosure filings grew to 38,215 in 2007 which was
an increase of nearly 32 percent from a previous high of 28,997 in 2006.[1]
This is on the heels of a 36 percent increase between 2005 and 2006.

• Mortgages that went into foreclosure in 2007 were
predominantly from loans originated since 2005. Over 35 percent of 2007
foreclosure filings were of mortgages originated in 2006. Nearly 28 percent of
foreclosure filings were of mortgages originated in 2005. Perhaps most
surprisingly, roughly 4.5 percent of 2007 foreclosed mortgages originated in
2007.

• Suburban communities have seen the largest recent
growth in foreclosure filings. North
Cook County

had the largest growth in properties with foreclosure filings with an increase
of over 67 percent from 2006 to 2007 and of over 154 percent from 2005 to 2007.
Other areas with substantial increases between 2006 and 2007 included Kane County,
West Suburban
Cook County,
and DuPage County, all of which experienced
increases greater than 40 percent in the number of properties with foreclosure
filings. Between 2005 and 2007, the areas with the greatest increases included DuPage County,
Northwest Suburban
Cook County,
and Kane County which all had the number of
properties with foreclosure filings roughly double.

• The fourth quarter of 2007 saw a tremendous spike in
foreclosure filings. The number of properties with foreclosure filings jumped
in the fourth quarter of 2007. There were increases of over 70 percent from the
third quarter to the fourth quarter of 2007 and of over 52 percent from the
fourth quarter of 2006 to the fourth quarter of 2007.  

South Suburban Cook
County and the City of Chicago continue to have
the highest levels of foreclosure. South
Suburban Cook
County
had over 36
foreclosure filings per 1,000 mortgageable properties, a number over double the
regional average of 16.8 filings per 1,000 mortgageable properties. The City of
Chicago had
24.4 foreclosures per 1,000 mortgageable properties.

• Every region of the Chicago Six
County
area had
communities with very high foreclosure levels. Areas outside the City of
Chicago and South Cook County that have high levels of foreclosure filings per
property include parts of Addison, Aurora, Bolingbrook, Carol Stream,
Carpentersville, Fox Lake, Glendale Heights, Lake in the Hills, Lombard,
Palatine, Plainfield, Romeoville, Round Lake Beach, and Zion. 

Chicago
area foreclosures remain largely concentrated in highly minority communities.
Highly minority census tracts had 41.6 foreclosure filings per 1,000
mortgageable properties. By comparison, census tracts that are less than 10
percent minority had eight foreclosure filings per 1,000 mortgageable
properties. Additionally, highly minority neighborhoods accounted for 34.5
percent of all foreclosure filings in the Chicago Six
County
region in 2007.
These communities account for less than 14 percent of all 2007 estimated
mortgageable properties.