Second report confirms increase in Kane, Tri-Cities summer foreclosures

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After a lull in the spring induced by a new state law earlier this year, the number of home foreclosures in the county and the Chicago region this summer returned to levels last seen early in 2009.

On Tuesday, the Chicago-based Woodstock Institute said foreclosures in Kane County jumped 96.6 percent in the third quarter of 2009, which included the months of July, August and September, compared to the same period in 2008.

The Woodstock Institute describes itself as a non-profit organization working to promote reinvestment and economic development in lower-income and minority communities.

Kane County suffered 1,563 foreclosures in the third quarter, the Woodstock report said. In the third quarter of 2008, 795 homes were foreclosed upon in the county.

Locally, foreclosure activity in the Tri-Cities increased by a combined 71 percent in 2009, the Woodstock Institute reported.

The numbers correspond to those released earlier this month by California-based RealtyTrac, which reported that foreclosures within the ZIP codes for the Tri-Cities and surrounding communities increased 91 percent in the third quarter compared to 2008.

In St. Charles, the Woodstock Institute reported 44 foreclosures in the third quarter 2009, compared to 31 in the same period in 2008.

In Geneva, there were 35 foreclosures over the summer, compared to 13 in 2008.

And in Batavia, the Woodstock Institute reported 29 foreclosures in the third quarter, compared to 19 in 2008.

Elgin recorded 347 foreclosures in the third quarter of 2009, compared to 231 in the third quarter 2008. And in Aurora, 616 homes were foreclosed upon, compared to 367 in the same period in 2008.

The Woodstock Institute ascribed the sudden spike to laws that took effect in the second quarter of 2009, which required lenders to wait longer to file foreclosure actions. That pushed many foreclosures that would have been filed this spring into the summer months, the Institute said, boosting foreclosure numbers to levels last seen in the first quarter of 2009.

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