Foreclosures Hold Steady in Deerfield

Home values continue to drop.

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. 

Tony Horwitz April 04, 2012 at 12:14 PM
How are we doing compared to our neighbors? Just my opinion, but if d109 would ink a contract I think that could add a little lube to the housing market. People with young children will not move where they perceive instability or uncertainty in the school system. Get some positive publicity about a new contract in the press and people will think DF is a bargain and come back in droves.
RB April 04, 2012 at 01:02 PM
Housing is getting priced right for sure. I think Deerfield is getting a reputation for high taxes. Deserved? You be the judge. The recent action by the Board of Trustees to look at raising fees is just another tax increase. Building new pedestrian underpasses in this type economy does to make since. The Village spent north of $600k of taxpayer money on an unneeded project. This was nearly the amount of our projected budget shortfall. Limit projects to 'needed' items to save money, find more sales tax revenue through retail growth and combine the Park District with the Village to cut waste. Multiple taxing Districts are wasteful and reeling in the Park District would be a start to fiscal responsibility.
Daryl Kunz April 04, 2012 at 02:08 PM
RB, RB...I agree. But the Trustees have their own agendas and special interests, like the underpass which wasted tons of money and strangled traffic for more than month. Once their minds are made up on what they want to do with other people's money, there's no turning back.
NB April 05, 2012 at 12:45 PM
I find it remarkably odd that when I talk with friends and colleagues around the country many of them say that their property taxes have gone down as their home values have gone down. Yet here, they just go up, up, up. It's enough already. We know school enrollments are down, are going further down.
RB April 05, 2012 at 01:16 PM
The village board is not planning ahead. Many of us knew that building the updated underpass at the railroad tracks in the middle of the recession was a bad idea. Chasing a Federal grant by spending over $600k of taxpayer dollars is not a good decision. Plus, finding out that our budgeted shortfall (resulting In tax increase) was around $600k makes the decision of the board to spend the money front and center as an example of what's going on. Simply, roll the Park District into the Village and cut the overhead, then cut the taxes. It's wasteful to have two Government bodies with workers driving past each other all day long. This Village only has 19,000 people. Will anyone within Deerfield Government have the nerve to do such a thing? Will the legacy of this board be the Underpass or reduction in Government waste?


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