The Woodstock Institute, a leading nonprofit research and policy organization in the areas of fair lending, wealth creation, and financial systems reform, recently released foreclosure filing rate statistics for 2010.
With 146 foreclosure filings for 2010, Cary has the lowest foreclosure filing rate when compared to the surrounding communities of Crystal Lake, Algonquin, Lake in the Hills, and Carpentersville. Below is a table outlining the number of foreclosure filings for these communities over the past five years.
Lake in the Hills
Cross referencing the foreclosure rates the Woodstock Institute provided with housing information from the 2010 US Census helps to shine some light on these numbers. Although the number of properties filing for foreclosure went up 37%, from 106 filings in 2009 to 146 filings in 2010, Cary has the lowest foreclosure rate per housing unit.
As the table below shows, 2.33% of Cary’s 6258 housing units filed for foreclosure last year. Cary also has the lowest vacancy rate of the five communities; 3.40% of Cary housing units are vacant.
Total Housing Units, 2010
Vacant Housing Units, 2010
% of Housing Units Vacant
% of Housing Units Filing for Foreclosure
Lake in the Hills
Data From the Woodstock Institute and the 2010 U.S. Census
All in all, this is extremely good news for Cary. According to Village Administrator Cameron Davis, foreclosures in Cary are scattered throughout the neighborhoods, and as a result this issue touches many people throughout the community. The figures provided by the Woodstock Institute, especially when cross-referenced with the U.S. Census figures, assures residents that “Housing stock in Cary is solid,” Davis said.
Davis continued, “It is a priority that homes in foreclosure don’t devalue neighborhoods.” The Village keeps track of which homes are vacant or in foreclosure and take measures to see that reasonable upkeep, such as mowing lawns, takes place to protect the value of the surrounding homes. “Homes are people’s biggest investment, and a lower foreclosure rate helps maintain property values.” Davis said. “Distressed properties shouldn’t affect the value of neighborhood properties.”
Additionally, the Village considers its attention to public infrastructure improvement programs a major way to contribute to protecting home values in Cary. “A strong infrastructure makes a huge difference.” Davis said. These public infrastructure improvement programs are a major focus for the Village board, because neglected streets and sidewalks affect housing values. “Name me another community our size that is putting $5 million dollars into residential roads over three years.” Davis added.
Davis went on to say that major priorities for people when looking for a new home are performing schools, low crime rates, and excellent public infrastructure, especially when it comes to residential roads. “Cary has all three.”