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Tri-Cities, Kane foreclosure activity declines in May, continues positive trend

Home foreclosure activity again declined in the region in May, continuing a trend of brightening market conditions in Kane County and elsewhere.

Last month, the number of homes facing foreclosure in central and western Kane County decreased by about 18 percent, compared to May 2012, according to the latest round of foreclosure data.

RealtyTrac, a company specializing in tracking home foreclosure activity across the country, reported that in May, 189 homes faced foreclosure actions brought by lenders across a nine-ZIP code region that included the Tri-Cities of St. Charles, Geneva and Batavia, and six other communities: Campton Hills, Elburn, Sugar Grove, Maple Park, South Elgin and North Aurora.

In May 2012, that same region suffered 230 foreclosures, according to RealtyTrac.

While pronounced, the decline fell far short of the slide in foreclosure activity reported by RealtyTrac in April. Two months ago, the Tri-Cities and six surrounding communities logged only 76 foreclosures, RealtyTrac reported, a decline of 61 percent from the same month a year earlier.

However, the data for May continues to square with other data from the housing market both locally and nationally.

Lender Processing Services, for instance, reported delinquency rates in the U.S. dropped in April to less than 6.5 percent for the first time since mid-2008, while the number of Americans facing foreclosure declined 25 percent in April.

And locally, the number of homes being sold either as a result of foreclosure or short sale continues to decline, as well.

In the Tri-Cities, information reported by the MainStreet Organization of Realtors indicated that in April, so-called distressed properties accounted for about 21 percent of all houses sold in St. Charles, Geneva and Batavia. 

Home sale numbers for May have yet to be reported.

RealtyTrac said foreclosure activity declined nationally in May by 28 percent from May 2012, and statewide by 47 percent.

Kane County continued to suffer the worst foreclosure rate in the state, with 1 in every 274 homes in the county in foreclosure, RealtyTrac said.

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