Foreclosure activity remains strong in, around Tri-Cities

The number of local homes entering foreclosure appeared to have ebbed slightly in October, even as foreclosure activity appeared to remain at high levels not seen since 2010.

According to data supplied by foreclosure tracking company RealtyTrac, home foreclosure activity in and around the Tri-Cities remained high in October.

RealtyTrac?s data indicated that 203 homes were moving through the foreclosure process last month within a nine-ZIP code region that includes the Tri-Cities, South Elgin, Elburn, North Aurora, Sugar Grove, Maple Park and much of Campton Hills.

Compared to October 2011, when 170 homes were under foreclosure in that region, foreclosure activity in the region increased 19.4 percent, RealtyTrac?s data said.

Within the four ZIP codes that cover St. Charles, Geneva, Batavia and portions of Campton Hills and surrounding unincorporated areas, foreclosures increased more rapidly. In those four ZIP codes, the number of home foreclosures climbed 40 percent from 77 homes in October 2011 to 108 last month, RealtyTrac said.

The local foreclosure spike was the highest activity seen in October since 2010.

At that time, the Tri-Cities and Campton Hills logged 114 foreclosures, RealtyTrac said. And the nine-ZIP code region suffered 249 home foreclosures. The spike in October continued a trend of escalating foreclosure activity dating back to earlier this year.

However, the rate at which foreclosure activity is increasing appears to have ebbed slightly in October, compared to the previous three months.

In the third quarter of 2012, which includes the months of July, August and September, foreclosure activity in the Kane County nine-ZIP code region surged by 46.6 percent, versus the third quarter of 2011.

In those three months in 2011, the region suffered 470 foreclosures. In that same period this year, the region logged 689 foreclosures, RealtyTrac said.

The rate of increase in the third quarter was slightly less in the Tri-Cities, as foreclosures jumped 34.5 percent, from 246 in 2011 to 331 in 2012. But all the third quarter numbers were higher than even the third quarter of 2010, when the nine-ZIP code region suffered 629 foreclosures, and the Tri-Cities accounted for 317 of those.

While the number of foreclosures has increased, distressed properties continue to find buyers.

Source: http://www.kcchronicle.com/2012/11/28/foreclosure-activity-remains-strong-in-around-tri-cities/abp7lfv/

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