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 information, house foreclosures have enhanced overall in the Chicagoland region compared to the earlier month, May possibly 2012, and compared to final year, June 2011.

In June, six of the seven Chicagoland counties showed an increase in foreclosure activity compared to May possibly 2012. The total quantity of property foreclosure filings for the seven counties for May possibly 2012 was six,440. This is moderately reduce than the total for June which reached six,645. This is an general enhance of a small over three% compared to final month. The largest increases from May to June had been seen in the counties of McHenry, Lake, and Kendall. The biggest enhance was observed in McHenry going from 273 in May possibly and improved over 23% to 336 in June. Lake county also elevated substantially, 21.41%, going from 509 in Might to 618 in June. In Kendall County, foreclosure filings jumped from 143 in May possibly to 165 in June accounting for over a 15% boost in filings.

Foreclosure filings for June 2012 have also improved from last year when in June 2011 foreclosure filings had been at only six,032. Comparing June 2011 to June 2012, there was a small over a ten% enhance in foreclosure activity in June of this year. The 3 counties with the all round highest increases in the quantity of foreclosures filed from June 2011 to June 2012 were McHenry, Kendall, and Lake. McHenry county had the biggest boost going from 224 foreclosures in June 2011 and improved over 50% to 336 filings in June of 2012. Kendall had the second largest improve from 117 foreclosures in June 2011 and jumped to 165, almost a 30% improve. Lake county had the third biggest boost went from 446 foreclosure filings final June and improved 27.eight% to 618 in June 2012.

An increase in foreclosure filings was unfortunately expected. The foreclosure approach was slowed down, and in numerous situations stalled fully, since late 2010 simply because of numerous federal and state investigations into fraudulent mortgage-servicing techniques that became typically known as the robo-signing scandal. The robo signing scandal was finally settled upon earlier this year. Simply because of this, servicers and lenders are just starting to go via the backlog of foreclosures to file foreclosures that should have currently been processed final year. As the distressed loans are becoming filtered via, theres a specific batch of those that are initially getting pushed via the foreclosure method: those that are not deemed a very good fit for a loan modification, do not qualify for government refinancing applications, or even short sales.