Foreclosure Number Takes a Dive in May
June 16, 2009 by Carl H. Martens
Filed under Market Updates
The month of may saw a total of 71 homes in the Tri-Cities and surrounding communities enter into foreclosure according to data provided by Realtytrac.com, a foreclosure tracking website.
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.
- Search all Geneva foreclosures for sale
Help for Homeowners
August 1, 2008 by Dawn Vogelsberg
Filed under Real Estate
With home foreclosures in the Tri-Cities increasing rapidly, the Kane County Board has launched “Help for Homeowners” to assist area residents. The goal of this program is to ensure that residents are aware of the many services available to assist them during these difficult times.
Today’s touchy economic conditions are having an impact on many residents. Kane County Board Chairman Karen McConnaughay said, “Many families are finding it difficult to make ends meet, and some are even facing the prospect of home foreclosure. This reality is catastrophic not only for those individual homeowners but our entire community, and we all need to work together to stop the trend.”
The Help for Homeowners Website provides an overview of the many resources available to Kane County homeowners, from emergency repair assistance and property tax exemptions to property tax freeze options and foreclosure prevention counseling.
In the next few months, free homeowner clinics will be held around the county to offer more detailed information. A clinic is scheduled on September 6 from 9 a.m. to 1 p.m. at the Kane County Government Center. Call 630-906-9400 to reserve a spot or click here for more information.
This article first appeared in the August 2008 issue of eGeneva Magazine.
