Foreclosures in Deerfield have held steady for the last four years as the value of homes in the Village have dropped more than 30 percent since the market peaked in 2007, according to Village officials and real estate professionals.
The got an update on the status of foreclosed homes in town from Deerfield Code Enforcement Supervisor Clint Case at Monday’s regularly scheduled meeting during a report on the activities of the Community Development Department.
“Since we hit bottom four years ago, we have held steady between 35 and 40 homes in foreclosure,” Case said after the meeting. “This is really quite low. Over 50 percent are occupied.”
While there has not been an increase in the number of foreclosures since 2008, the value of property has continued to drop, according to information provided by Terry Penza of the North Shore Barrington Association of Realtors.
At the end of last year, the average sale price of a home in Deerfield was $493, 542. At the end of 2007, the average house sold for $717, 304 according to Penza’s statistics. At the end of 2008, when the foreclosures bottomed out in Deerfield, the value was $652,800.
Of particular concern to the Board was the home at 1408 Gordon Terrace. The house has been empty for three to five years and is in such a state of disrepair Case has been exploring the possibility of demolition.
“e there are a number of homes we’re keeping our eye on,” Case said explaining the Gordon Terrace property was at the top of the list. “There’s a judicial sale scheduled.” He hopes once Chase Bank takes control of the property the issue will be resolved.