Woodstock Foreclosures – Increase In Summer Foreclosures In Kane, Tri-Cities Confirmed By The Second Report
The new state law issued earlier this year led to a major lull in the number of foreclosures not only in the county but also in Chicago, which led to a level that was attained in 2009 beginning. The Chicago-based Woodstock Institute commented about foreclosure scenario on Tuesday. According to their observation, in the Kane County, the number of foreclosures rose to at least 96.6% during the 3rd quarter of 2009. This included the figures of July, August and September in comparison to the third quarter of 2008. The Woodstock Institute, being a non-profit organization intends to work for promoting economic development through reinvestment, especially in the minority and low income groups.
The 3rd quarter saw at least 1,563 foreclosures imposed on Kane County to add to its sufferings. This figure has exceeded the number of foreclosures that took place in the Kane County during last year’s third quarter. Compared to this years figures last years figures were only 795 homes. According to the Woodstock Institute, locally the activities of foreclosures increased greatly in the Tri-Cities and the combined report featured almost 71% rise this year. This figure corresponds with the monthly Californian figure as assessed by the RealtyTrac. According to this report the foreclosures in the Tri-Cities and the surrounding areas had reached to almost 91% during the third quarter of 2009 as compared to last year’s figures.
The Woodstock Institute in St. Charles gave the report that there were approximately 44 foreclosures during the third quarter of 2009 as compared to last year’s figures. During the third quarter of 2008, the number of foreclosures was only 31. there were 35 foreclosed homes in Geneva during the summer months of 2009 as compared to only 13 foreclosures in Geneva during the same time last year. At the same time, the Woodstock Institute observed that there were 29 such properties, which went through the process of foreclosures in Batavia during the third quarter of 2009. On the contrary, in 2008 third quarter, there were only 19 homes, that faced the foreclosure process.
In Elgin the records state that there were at least 347 foreclosures during the third quarter of this year. Compared to 2008s third quarter this figure is more as last year it was 231 foreclosures in Elgin. There were 616 properties that went through foreclosures this year in Aurora. Last year during this time, there were only 367 foreclosures. According to the Woodstock Institute this happened due to the sudden imposition of the laws that came into operation during 2009 second quarter.
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