May Foreclosures Down for McHenry County

Foreclosures in Illinois are on the rise, according to a report from RealtyTrac, an online marketplace for foreclosure properties.

In McHenry County, May foreclosures were down from April and March

McHenry had the highest foreclosure count in May with 71, followed by Crystal Lake, 58; Lake in the Hills, 42; Woodstock, 36; Algonquin, 35; Wonder Lake, 32; Huntley, 31; Cary 26; Spring Grove 19; and Marengo, 14.  

The count is based on the total number of properties that received a foreclosure filing including default notice, foreclosure auction notice or bank repossession.

The Daily Herald reports suburban communities showed a decrease in foreclosures from April to May of 15 to 60 percent, while Illinois saw foreclosure numbers drop by 30 percent. The Daily Herald article also states experts are cautiously optimistic over the numbers due to recent discrepancies with lenders inaccurately processing some homes as foreclosures, high unemployment rates and “negative equity in homes.”

Huntley had the highest foreclosure rate in McHenry County in May. The rate is calculated by dividing the total number of housing units in a ZIP code by the total number of properties that received foreclosure filings.

McHenry County’s foreclosure rate at .33 percent is higher than the Illinois average of .2 percent and higher than the national average of .17 percent.

Filings, which include default notices, auction-sale notices and bank repossessions, represent one in every 306 housing units in McHenry County.

Nationwide, foreclosures are down 2 percent from April and 33 percent from May 2010, according to RealtyTrac’s U.S. Foreclosure Market Report.

For a story on the state of the overall housing market in McHenry County, click here.