By Michael Romain
The detrimental effects of foreclosed properties in neighborhoods is well-documented. They often drag down the real and assessed values of properties within their vicinity; they put a strain on municipal budgets in various ways, such as the necessity of extra policing and upkeep; and they taint a community’s overall appeal.
Those are just a few reasons why a recent report by the Woodstock Institute showing that new foreclosure filings in Maywood and other western suburbs are down significantly from this point last year may be such welcome news for local property owners. During the first half of 2013, there were 110 new foreclosures filed in Maywood, compared to 65 during the first half of this year — a 41 percent difference. In West Suburban Cook County, the year-to-year difference was about 39 percent.