922 Foreclosure Auctions in McHenry County in 2012 – Up 102%

The Woodstock Institute, based in Chicago, has analyzed mortgage foreclosures and foreclosure auctions in the metropolitan area and released the results.

The number of real estate auctions in McHenry County doubled.  Most–90%–were purchased by the lender.

Foreclosure auctions 2012 Wdstk Inst

Foreclosure auctions in Chicagoland.. “REO” means “Real Estate Owned” and indicates when the lender buys the property.

Wdstk Inst logo

The Woodstock Institute’s Spencer Cowan explains the increase this way:

“We saw a precipitous drop in foreclosure auctions while the robosigning scandal was being investigated. Now that the case has been settled with new standards for foreclosure processes in place, servicers are working through the backlog. This will almost certainly lead to an influx of vacant properties on the market.”

Foreclosures in McHenry County increase by

Foreclosures in McHenry County increase by 8% to 3,024.

Foreclosure filings also increased, but nowhere close to as dramatically.

An eight percent hike was found.

There were breakouts for foreclosures in McHenry County’s largest towns

  • Algonquin
  • Crystal Lake
  • Huntley
  • Lake in the Hills
  • McHenry
  • Woodstock

You can see them below:

Foreclosures heading by town 2011 + 2012Foreclosures 2012 algForeclosures 2012 CLForeclosures 2012 HuntlwyForeclosures 2012 LITHForeclosures 2012 MCHForeclosures 2012 Wdstk

Foreclosure activity in Crystal Lake and Lake in the Hills seems to have stabilized.  The increases there are 2.4% and 5%, respectively.

The rates for the other big towns are as high as 45%.  Put in descending order of percentage increase the rates for the municipalities for which date are available follow:

  • Woodstock – 45.1%
  • Huntley – 43.9%
  • McHenry – 31.5%
  • Algonquin – 26.4%
  • Lake in the Hills- 5%
  • Crystal Lake – 2.4%

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