Chicago, IL (PRWEB) July 16, 2012
According to stats compiled by ILFLS.com, the Illinois Foreclosure Listing Service, Chicagoland foreclosures are still on the rise for June 2012 in the following six counties: Will, Kane, Lake, McHenry, Kendall, and DuPage. According to the data, property foreclosures have increased overall in the Chicagoland area compared to the previous month, May 2012, and compared to last year, June 2011.
In June, six of the seven Chicagoland counties showed an increase in foreclosure activity compared to May 2012. The total number of home foreclosure filings for the seven counties for May 2012 was 6,440. This is moderately lower than the total for June which reached 6,645. This is an overall increase of a little over 3% compared to last month. The largest increases from May to June were seen in the counties of McHenry, Lake, and Kendall. The largest increase was seen in McHenry going from 273 in May and increased over 23% to 336 in June. Lake county also increased significantly, 21.41%, going from 509 in May to 618 in June. In Kendall County, foreclosure filings jumped from 143 in May to 165 in June accounting for over a 15% increase in filings.
Foreclosure filings for June 2012 have also increased from last year when in June 2011 foreclosure filings were at only 6,032. Comparing June 2011 to June 2012, there was a little over a 10% increase in foreclosure activity in June of this year. The three counties with the overall highest increases in the number of foreclosures filed from June 2011 to June 2012 were McHenry, Kendall, and Lake. McHenry county had the largest increase going from 224 foreclosures in June 2011 and increased over 50% to 336 filings in June of 2012. Kendall had the second largest increase from 117 foreclosures in June 2011 and jumped to 165, nearly a 30% increase. Lake county had the third largest increase went from 446 foreclosure filings last June and increased 27.8% to 618 in June 2012.
An increase in foreclosure filings was unfortunately expected. The foreclosure process was slowed down, and in many cases stalled completely, since late 2010 because of multiple federal and state investigations into fraudulent mortgage-servicing techniques that became generally known as the robo-signing scandal. The robo signing scandal was finally settled upon earlier this year. Because of this, servicers and lenders are just starting to go through the backlog of foreclosures to file foreclosures that should have already been processed last year. As the distressed loans are being filtered through, there’s a certain batch of those that are initially being pushed through the foreclosure process: those that aren't deemed a good fit for a loan modification, do not qualify for government refinancing programs, or even short sales.