Foreclosure activity decreased in Tri-Cities area in April, data say

Foreclosure activity in the region plunged in April, offering glimmers of hope for continued improvement in the housing market.

Last month, the number of homes that are facing foreclosure in central and western Kane County decreased by 61 percent, compared to April 2012, according to the latest round of foreclosure data from foreclosure tracking company RealtyTrac.

In all, 76 homes faced some kind of foreclosure-related action brought by lenders in April in a nine-ZIP code region that included the Tri-Cities of St. Charles, Geneva and Batavia, and six other communities, including Campton Hills, Elburn, Sugar Grove, Maple Park, South Elgin and North Aurora.

A year earlier, 196 homes in that region faced foreclosure actions, RealtyTrac reported.

All communities in Kane County, including Elgin and Aurora, logged similarly steep declines in measured foreclosure activity, according to RealtyTrac data.

Local real estate agents said they believed the decreases, while startling, matched current trends.

According to an analysis of housing market listings run by St. Charles real estate agent Leslie Ebersole of Baird & Warner, the number of
listings for distressed properties ? meaning homes that were either bank-owned or short sales ? on the market in April in Kane County declined almost 50 percent from 1,839 in April 2012 to 928 last month.

Short sale listings particularly plunged, dropping 61.2 percent.

Ebersole and fellow St. Charles Baird & Warner real estate agent Jim DuMont said they believe the improving health of the housing market played a large role.

DuMont said more stable home prices have prompted buyers ? and investors, in particular ? to jump into the market, causing foreclosed homes to sell quickly.

?We?re getting multiple offers on so many,? DuMont said. ?The inventory is quickly being depleted. My advice? If you?re going to buy, buy now.?

Ebersole said she believes homeowners also have found lenders more willing to work with them to avert foreclosure.

Data reported by Fannie Mae backs that belief, as the country?s largest home lender indicated home refinancing has soared under the federal Home Affordable Refinance Program and the delinquency rate has steadily declined since 2010, settling at 3.29 percent in the fourth quarter of 2012, down from 5.47 percent in early 2010.

Source: http://www.kcchronicle.com/2013/05/22/foreclosure-activity-decreased-in-tri-cities-area-in-april-data-say/axqk6uk/

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