Buffalo Grove Has Fourth Highest May Foreclosures In County

Foreclosures are on the rise in Illinois and in Lake County, according to a recent report from RealtyTrac.

RealtyTrac is an online marketplace for foreclosure properties.

Buffalo Grove was fourth with 61 foreclosures. Grayslake ranked third in the Lake County Foreclosure Activity Count with 82 foreclosures in May. Round Lake and Waukegan had the most foreclosures in May with 131 and 121, respectively.

Here's the number of foreclosures in May for other Lake County towns:

• Lake Zurich had 38 foreclosures.
• Barrington had 31 foreclosures.
• Lake Forest had 12 foreclosures
• Lake Bluff had 10 foreclosures.

The total number of Lake County properties that received a pre-foreclosure filing was 647, the highest this year.

Grayslake had one of the highest foreclosure rates in Lake County at 1 in every 162.  The rate is calculated by dividing the total number of housing units in a zip code by the total number of properties that received foreclosure filings.

Lake County’s foreclosure rate at .36 percent is higher than the Illinois average of .2 percent and higher than the national average of .17 percent.

Filings, which include default notices, auction-sale notices and bank repossessions, represent one in every 272 housing units in Lake County.

Nationwide, foreclosures are down 2 percent from April and 33 percent from May of 2010, according to RealtyTrac’s U.S. Foreclosure Market Report.