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Area mortgage woes rose in 2012

Foreclosure filings rose 2012 Will Grundy Kendall counties.  | Sun-Times Medifile photo

Foreclosure filings rose in 2012 in Will, Grundy and Kendall counties. | Sun-Times Media file photo

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Total number of Homes in Homes in Homes in Homes in

Housing Units Foreclosure Foreclosure Foreclosure Foreclosure

County 2010 2006 2010 2011 2012

Kendall 40,321 316 — 1.1% 2,612 — 7.5% 1,542 — 4.4% 2,306 — 5.7%

Kane 182,047 1,763 — 1.1% 9,041 — 5.2% 6,134 — 3.5% 8,564 — 4.7%

Will 237,501 3,154 — 1.5% 11,027 — 4.8% 7,387 — 3.2% 9,591 — 4.0%

DuPage 356,179 2,151 — 0.6% 10,646 — 3.0% 6,999 — 1.9% 10,443 — 2.9%

DeKalb 41,079 301 — 0.8 % 1,207 — 3.1% 952 — 2.4% 1,033 — 2.5%

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Updated: February 25, 2013 6:16AM

It comes out to about a foreclosure on every block.

Year-end figures detailing the foreclosure crisis for 2012 are out, and the picture remains grim for Kendall County, where one in 17 homes faced foreclosure last year.

Last year, Kendall County ranked first in the state for foreclosure filings — which include default notices, scheduled auctions and bank repossessions — according to statistics compiled by Irvine, Calif.-based RealtyTrac.

Kendall has held the position for several years.

Out of Kendall’s 40,321 homes, 2,306 faced foreclosure last year.

Kane County didn’t fare much better. It tied with McHenry County for the second-most foreclosures in Illinois last year, at a rate of one in 21 homes.

After record numbers of people lost their homes in 2010, the foreclosure trend appeared to be reversing course in 2011. In Kane County in 2010, foreclosure paperwork had been filed on 9,041 homes. That dropped sharply, to 6,134 homes, in 2011, only to rise again, to 8,564 homes last year.

Similarly, Kendall County saw improvement in its housing picture in 2011, after a record year of foreclosures in 2010. But last year, foreclosures were again on the rise — 5.7 percent of homes faced foreclosure proceedings in 2012.

One in 34 homes in DuPage County had foreclosure paperwork filed against them in 2012, according to RealtyTrac. That’s about 2.9 percent, up from 1.9 percent of homes in 2011.

Though the numbers look bad, experts say the 2012 figures don’t really represent another downturn for the housing markets. Instead, the dismal 2012 numbers reflect paperwork delays that have slowed the foreclosure process.

“In large part, it’s a technical issue of when the foreclosures were processed,” said Geoff Smith, executive director of the Institute for Housing Studies at DePaul University. He said that slow processing of foreclosures a couple years ago, made worse by the robo-signing scandal in which banks were found to be improperly filing foreclosure paperwork, created a glut of foreclosures in the courts.

“That really reduced the number of new foreclosures filed in 2011, which were fairly lower than expected,” Smith said. “All those foreclosures were then rolled over into 2012.”

Smith said that he expected to see the number of foreclosure proceedings start to stabilize in 2013.

The U.S. total was 2.3 million filings on 1.8 million U.S. properties, down 3 percent from 2011 and down 36 percent from the peak of 2.9 million properties with foreclosure filings in 2010.

The RealtyTrac report shows that 1.39 percent of all U.S. housing units had at least one foreclosure filing last year, down from 1.45 percent in 2011.

In Illinois, 2.58 percent of the housing units were affected last year, ranking the state fifth in the nation, and foreclosure filings were up almost 33 percent in Illinois from 2011.

RealtyTrac’s report also noted that:

In January 2013, 10.9 million homeowners nationwide — representing 26 percent of all outstanding homes with a mortgage — were seriously underwater.

2012 foreclosure filings increased mostly in states that use a judicial foreclosure process and they decreased more in states that use a streamlined non-judicial process.

Foreclosure filings in December dropped 10 percent from the previous month and 21 percent from December 2011. December’s total was the lowest monthly total since April 2007 — a 68-month low.

Florida, Nevada and Arizona had the highest foreclosure rates in the nation.

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