I am astounded at the number of houses on the market and the number of forclosures. What impact does a foreclosure have on the Village?
June 15, 2009
Homes for Sale 63 with a median price of $429,900
Foreclosures 43 with a median value of $307,575
Riverside Info » About Riverside
June 2009 Property Values in Riverside
(8 posts)-
Posted Thursday Jun 18, 2009 13:06 #
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It means that all those people who were led into buying over inflated properties on catch-me-if-you-can mortgages over the past few years are probably now upside down and there will be a bigger wave next year of those who can't pay their obligations. That's why we should be prudent with the resources we have - collections will be a problem.
Posted Thursday Jun 18, 2009 18:34 # -
It decreases the resale value of the other homes in the village, especially those nearby.
As to the government, I am not sure if property tax payments are kept current by banks on foreclosures, certainly not if it's a tax foreclosure. But eventually, the tax will be paid, one way or the other. I'm guessing it's probably not good for village revenue stream. Good question. Shocking number. Very sad.
I agree, prudent spending a must. All pols are inheriting unanticipated situations.
Posted Friday Jun 19, 2009 11:32 # -
Does the Village have a duty to take care of foreclosed properties in any way?
I see a number of lawns really need to be moved.
There is a house on Delaplaine that apparently is filled with black mold and has vermin living inside. At what point can the Village step in?
Posted Friday Jun 19, 2009 17:38 # -
Yikes. You should inform the Building Dept. and village manager. There is an ordinance that the Village Manager has a right to enter onto any property for reasonable cause; presumably this extends to her agents. The owners should be fined, daily, until the situation is remedied. That owner would be the bank or, if a rare tax seizure, the taxing authority.
Posted Monday Jun 22, 2009 10:56 # -
I've been told that Wexford trust was also involved in the mortgage fraud of the house I'm talking about - the house on Delaplaine and Lawton. What a crime.
Posted Monday Jun 22, 2009 11:43 # -
If you want to see some real Wextrust trouble, drive south on County Line Road.
Posted Monday Jun 22, 2009 12:51 # -
Home values have dropped significantly since I started this topic two months ago. Every decision the board of trustees makes should be with an eye toward protecting our home values. The lack of attention to our downtown central business district sends a message to potential buyers, the unsightly gravel lots, the languishing arcade, the weedy landscape all say - we just don't care and contributes to the downward spiral of falling home values.
Sept 14, 2009
Homes for Sale 77 with a median price of $399,000
Foreclosures 37 with a median value of $354,750June 15, 2009
Homes for Sale 63 with a median price of $429,900
Foreclosures 43 with a median value of $307,575Posted Tuesday Sep 15, 2009 08:56 #
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