Elmhurst, Lake Forest and Libertyville had the fewest foreclosures in the Chicago region, according to Crain’s Business News. The three communities had foreclosure rates of 1.2, 1.5 and 1.8, respectively. The rates represent the number of homes foreclosed per every 1,000 mortgageable properties.
All of the top ten communities had median household earnings well above the regional and national average, half above $100,000. The median for the area is $57,104.
Geographically, suburbs south of the city had higher foreclosure rates than the northern suburbs.
Communities with above average homeowner civic involvement and support, strong parks programs, robust street and sanitation departments, good schools, cultural and arts opportunities, etc., fared the best.
But that’s not to say these areas were immune to hardships. Chicago real estate homeowners in these areas have been hit by the recession, but had the resources to maintain their quality of life. Business growth and new development is back on the rise in many areas throughout the region, especially in those areas with lower foreclosure rates, so in general, those areas are growing at an even faster rate than others. Businesses and developers are drawn to those communities because they are the most stable.
The rest of the top ten list included
4. Homer Glen, 2.0
5. Downers Grove, 2.1
6. Wilmette, 2.4
7. New Lenox, 2.5
8. Naperville, 2.5
9. Highland Park, 2.5
10. Glen Ellyn, 2.6
Some of the hardest hit suburbs had more than 20 foreclosed homes per 1,000 mortgageable properties. The bottom three were Dolton (21), Bellwood (20.8