Closures beset Tri-Cities housing
Foreclosures continued to plague the local housing market in November.
According to data supplied by foreclosure tracking company RealtyTrac, home foreclosure activity in and around the Tri-Cities remained high in November.
RealtyTrac’s data indicated that 108 homes were moving through the foreclosure process last month in the four ZIP codes that include the Tri-Cities of St. Charles, Geneva and Batavia, portions of Campton Hills and surrounding unincorporated areas.
That marked a 21.3 percent increase from the same month in 2011, when 89 homes were in the foreclosure process in those four ZIP codes, RealtyTrac’s data revealed.
The November numbers also indicated no change in local foreclosure activity from October, when 108 homes in those four ZIP codes were also foreclosed upon.
Foreclosure activity also increased in the surrounding communities of Elburn, Sugar Grove, Maple Park, North Aurora and South Elgin.
In a nine ZIP code region that includes the Tri-Cities and those surrounding communities, RealtyTrac reported 234 foreclosures in November, an increase of 25.8 percent from November 2011.
The numbers also marked an increase of about 15 percent from October.
Foreclosed homes and other so-called distressed properties make up a large portion of the local housing market.
Home sale reports provided by local real estate trade associations indicate homes sold under foreclosure or through short sale may account for up to one-third of all residential properties sold in the Tri-Cities and Kane County.
Data indicates those sales are increasing, meaning the distressed properties are finding willing buyers and are placed into potentially more secure ownership situations.
Throughout Kane County, RealtyTrac reported 971 foreclosures, with the bulk of those located within the county’s largest cities, Aurora and Elgin.
About one in every 187 homes in Kane County is considered in foreclosure, RealtyTrac said. That represented the second-highest foreclosure rate of any county in the state, behind Kendall County, which logged a rate of one in every 154 homes.
Statewide, the foreclosure rate was about one in every 392 homes, the third-highest foreclosure rate among U.S. states, behind only Florida and Nevada.
RealtyTrac reported that foreclosure activity increased in Illinois for the 11th consecutive month in November.