Tuesday, October 14, 2008
Foreclosure auctions are going to increase rapidly in many areas like north suburban towns this year. In Glenview, the number of auctions has increased from 5 during the first half of 2007 to 20 in the first half of 2008. In Northbrook the increase has increased from 4 to 22, and in Skokie it has increased from 19 to 57. In Arlington land for sale the number has jumped from 12 to 39. This is only a small percentage of the total mortgages held in every town. Municipalities should look into this matter because many properties remain vacant for extended periods of time. Studies show that if there are vacant properties, this could give a negative impact to the surrounding property values. Municipalities, regional associations and community groups should take necessary action if they see vacant properties in the surrounding areas. The situation is becoming more complicated because the local community banker no longer holds the title of the property. It is generally becoming difficult to find a faceless entity about ways to expedite the sale of the property to get the home occupied again.
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