When compared to the previous month of April that number showed a decline of 51 percent when Realtytrac reported 145 homes moved through the foreclosure process.

The foreclosures in May 2009 represent a year-over-year decline of 26 percent compared to the 96 homes in May 2008.

The reduction in foreclosures is a good thing for homeowners that aren’t in foreclosure or short sale trying to sell their homes because foreclosures and short sales tend to pull down the value of surrounding homes.

This is good news for the area, however it doesn’t mean that we are out of the woods yet.

By the numbers:

Number of foreclosures, Tri-Cities and Elburn, South Elgin, North Aurora, Maple Park, and Sugar Grove.

May 2009:  71

April 2009:  145

May 2008:  96

To learn how you can avoid foreclosure by short selling your home, contact us and one of our local real estate experts will contact you…remember there are alternatives to foreclosures.

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