Since 2007, when the Village started tracking foreclosures, 2,595 properties have gone into the foreclosure process. Most of these properties have been residential.
The Village tracks these foreclosures and inspects them to assure that they do not fall below acceptable community standards. Each month the Property Standards Division performs an exterior inspection of each property to assure that the properties are still well maintained and secure if not inhabited. The Village works with bank maintenance companies regarding compliance with any issues that need to be addressed.
Fire, Police and the Public Works Departments also are informed about the properties to perform safety inspections. The Public Works Department shuts off water to vacant foreclosed properties to assure that water damage does not occur during winter months.
The Human Services Division provides counseling to property owners to help prevent the completion of the foreclosure process when possible.
Declining Foreclosure Rates
Recently there have been signs that the number of foreclosures is declining and that many of the foreclosed properties are being resold.