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Real Estate

Foreclosure activity drops in Tri-Cities region again in July

Lenders appeared again to repossess fewer homes in the Tri-Cities and surrounding communities in July.

Last month, the number of homes facing foreclosure in central and western Kane County fell again, continuing a months-long trend of decreasing foreclosure activity in the region.

RealtyTrac, a company specializing in tracking home foreclosure activity nationwide, reported that in July, lenders were pursuing foreclosure actions against only 94 homeowners in a nine-ZIP code region that includes the Tri-Cities of St. Charles, Geneva and Batavia, as well as all – or portions of – Campton Hills, Elburn, Sugar Grove, North Aurora, South Elgin and Maple Park.

The drop marked a decline of almost 39 percent from a year earlier, when the region suffered 153 home foreclosures in July 2012.

The decline also continued a trend since the beginning of 2013.

In each month since December 2012, foreclosure activity as measured and reported by RealtyTrac has declined in the Tri-Cities region.

Since April, for instance, home foreclosure activity in the region dropped each month by at least 18 percent, and by as much as 61 percent, compared to the same months in 2012.

In July, foreclosure activity in the four ZIP codes that cover St. Charles, Geneva, Batavia and portions of Campton Hills, combined, declined again by about 34 percent, falling from 74 foreclosure actions to just 49.

That followed a 62 percent month-over-month decline in those four ZIP codes in June, when foreclosure actions plummeted from 136 in June 2012 to just 52 this June.

Foreclosure activity also dropped in Elgin and Aurora, according to RealtyTrac. The tracking company said in Aurora’s 60505 ZIP code, the number of foreclosures declined from 88 in July 2012 to just 55 last month. And in Elgin’s 60123 postal code, foreclosures dropped from 75 to just 56 in July.

The dip in local foreclosure activity squared with a sharp change throughout the Chicago area, as well, as RealtyTrac reported a 44 percent decline in foreclosure activity throughout the Chicago area this July versus a year ago.

Nationally, home foreclosure actions were down by about 32 percent compared to July 2012, RealtyTrac reported.

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