By Cal Skinner
McHenry County Blog
The Woodstock Institute, based in Chicago, has analyzed mortgage foreclosures and foreclosure auctions in the metropolitan area and released the results.
The number of real estate auctions in McHenry County doubled. Most–90%–were purchased by the lender.
The Woodstock Institute’s Spencer Cowan explains the increase this way:
“We saw a precipitous drop in foreclosure auctions while the robosigning scandal was being investigated. Now that the case has been settled with new standards for foreclosure processes in place, servicers are working through the backlog. This will almost certainly lead to an influx of vacant properties on the market.”
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