Foreclosure inventory up 43 pct. in county
McHenry County had 5,330 homes actively in the foreclosure process or bank-owned in the first quarter of 2013, up 43 percent from the first quarter of 2012, according to a report released Thursday by RealtyTrac.
The annual increase in McHenry County was caused by a 36 percent jump in pre-foreclosure inventory, from 2,236 homes in 2012 to 3,051 homes in the first quarter of 2013, RealtyTrac said. The inventory of homes scheduled for foreclosure auction increased 46 percent, from 362 to 530, while the number of bank-owned homes increased 57 percent, from 1,117 to 1,749.
RealtyTrac’s U.S. Foreclosure Inventory Analysis shows nearly 1.5 million U.S. properties were actively in the foreclosure process or bank-owned in the first quarter of 2013, up 9 percent from the first quarter of 2012 but still down 32 percent from the peak of 2.2 million in December 2010.
“Delinquent loans that fell into a deep sleep after the robo-signing controversy in late 2010 are gradually coming out of hibernation following the finalization of the national mortgage settlement in April 2012,” said Daren Blomquist, vice president at Irvine, Calif.-based RealtyTrac. “The settlement provided some closure regarding accepted foreclosure processing practices, and as a result lenders have been reviving more of these delinquent loans and pushing them into foreclosure over the past 12 months, particularly in states where a lengthy court process has resulted in a bigger backlog of non-performing loans still in snooze mode.”
There was a 59 percent jump in pre-foreclosure inventory in the U.S., while inventory of homes scheduled for foreclosure auction decreased 25 percent and inventory of bank-owned homes decreased 3 percent.
Foreclosure inventory behavior was split nearly down the middle at the state level, with 26 states posting annual increases in foreclosure inventory and 24 states, along with the District of Columbia, posting annual decreases in foreclosure activity.
In Illinois, 137,730 homes were in the foreclosure process the first quarter of 2013, up 36 percent from 2012. That included 78,360 (up 40 percent) in pre-foreclosure, 16,037 (up 37 percent) scheduled for foreclosure auction, and 43,333 (up 28 percent) bank-owned homes.