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.
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.”
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
- Crystal Lake
- Lake in the Hills
You can see them below:
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%