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McHenry County ranked 3rd highest in foreclosures

McHenry County ranked third highest in foreclosures among all Illinois counties during March, behind only Kendall and Kane counties, according to RealtyTrac.

One in every 155 housing units were foreclosed on in Kane County; one in every 191 units in McHenry County, according to the California-based online markeplace for foreclosed properties. Lake County was fourth, with a foreclosure rate of one in 230. Kendall County led the pack with a rate of one in 138.

For the entire first quarter, the foreclosure remained essentially unchanged.

RealtyTrac’s U.S. Foreclosure Market Report – which shows foreclosure filings, default notices, scheduled auctions and bank repossessions – noted that the 198,853 properties identified nationwide in March represent a 4 percent drop from February and a 17 percent decrease from March 2011. March’s total was the lowest monthly total since July 2007, and also the first monthly total below 200,000 since July 2007.

For the entire first quarter, national statistics showed a decline in the number of troubled properties. The 572,928 properties affected during the quarter represent a 2 percent drop from the fourth quarter of last year and a 16 percent drop compared to a year ago. In fact, it was the lowest quarterly total since the fourth quarter of 2007.

RealtyTrac Chief Executive Officer Brandon Moore noted in an accompanying statement that it will take time for the backlog of troubled properties to dissipate.

“The low foreclosure numbers in the first quarter are not an indication that the massive reservoir of distressed properties built up over the past few years has somehow miraculously evaporated,” he wrote.

“There are hairline cracks in the dam, evident in the sizable foreclosure activity increases in judicial-foreclosure states over the past several months, along with an increase in foreclosure starts in many judicial and non-judicial states in March.”

Illinois foreclosure activity increased 17 percent from the previous quarter and was up 14 percent from the first quarter of 2011, helping the state post the nation’s third highest state foreclosure total in the first quarter – 37,660 properties.

For additional information, visit www.realtytrac.com.

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