The high-profile auction of convicted political fixer Anton “Tony” Rezko’s Wilmette mansion last week drew new attention to the issue of foreclosures on the North Shore.
While almost 3,000 properties in North Shore communities are in some stage of foreclosure or bankruptcy, only one tenth of the properties are actually in the foreclosure process- far fewer than the conventional wisdom according to statistics at www.foreclosure.com.
An analysis of all properties in some stage of the foreclosure process shows that communities closest to the lake, where much of the North Shore’s wealth is concentrated, regardless of size, have fewer distressed properties than those farther from the shoreline.
For example, Wilmette has only seven properties in actual foreclosure, Glencoe has three, Winnetka has four, Highland Park has ten, and Lake Forest has eight. Away from the lake, the western edge of Evanston, Northbrook, Buffalo Grove, Glenview and Skokie have between 22 and 50.
Glenview, Northbrook, Park Ridge, Skokie and Evanston have the highest number of homes classified as “pre foreclosure”, where mortgage payments have not been made but owners still have time to settle with mortgage holders—a process that can take up to two years.
Skokie, Evanston, Park Ridge and Glenview also have the highest number of properties in bankruptcy.
In all, 2,918 properties in the 23 North Shore communities surveyed are in some stage of mortgage default. Of that total, 347 are in actual foreclosure and subject to being auctioned, 1,749 in a pre foreclosure stage but not necessarily lost, and 822 are the subject of a formal bankruptcy.
For a complete list of properties in your community go to www.foreclosure.com and search by zip code.
