Foreclosure Research - Press

September 23, 2011
By Kerry Curry September 23, 2011   Foreclosure cases are taking longer to complete in Chicago while auctions are decreasing, according to data released this week from the Woodstock Institute.   The result is a 51% drop in foreclosure completions during the first six months of this year compared...
September 22, 2011
By Michell Eloy September 22, 2011   A new study says Chicago-area foreclosure cases are taking longer to process.   The data, compiled by Woodstock Institute, says the median time for a house to complete foreclosure in the second quarter of 2011 was 359 days. That’s up 25 percent compared to the...
September 22, 2011
By Mary Ellen Podmolik September 22, 2011     More than three years into the housing crisis, the foreclosure process isn't speeding up. It's slowing down.   In Cook County during this year's second quarter, it took a median 363 days to move a foreclosure case through the court system. The median is...
September 22, 2011
By Mary Morrison September 22, 2011   The number of Chicago-area foreclosure completions dropped significantly in the first half of this year, but only because of delays in the process.   The six-county Chicago region saw 8,515 foreclosure cases completed at auction in the first half of 2011, a 50...
September 16, 2011
By Cynthia Bowers September 15, 2011   Many of the foreclosed, bank-owned homes across the country are being left to rot, creating "foreclosure ghettos" that are driving down nearby property values. Cynthia Bowers reports residents of Chicago's South Side are fed up.   Watch the video
September 15, 2011
By Rob Garver September 15, 2011   Of the many financial reforms in Dodd-Frank, a requirement that lenders retain a share of the risk in mortgages they sell to investors seemed like a no-brainer. If lenders were on the hook, too, the thinking went, they would tighten standards and avoid the kind of...
September 13, 2011
By Liz Enochs September 8, 2011   President Obama Thursday outlined a plan to stimulate the U.S. economy and revitalize the job market through a combination of spending and tax cuts.   The proposal, which various news reports calculated could cost anywhere from $300 billion to $447 billion, would...
August 30, 2011
By Mark Bergen August 30, 2011   The city took another small step in its attempt to tackle the ongoing foreclosure crisis today.   The City Council's housing committee signed off on the latest city plan to implement the federal Neighborhood Stabilization Program, but not before aldermen voiced a...
August 28, 2011
By James Fuller August 28, 2011   Christine Winter lives on an upscale block just outside of St. Charles, but you wouldn't know it by looking out her window. She shares a view many suburban residents count as part of their landscapes — thanks to the thousands of homes left vacant when the housing...
August 18, 2011
By Leah Hope August 18, 2011   With the number of foreclosures rising at an alarming rate, the City of Chicago is taking steps to preserve neighborhoods and keep people in their homes.   On Wednesday, Mayor Rahm Emanuel announced millions of dollars to help troubled homeowners. The city also...
August 11, 2011
By Curtis Black August 11, 2011     A Lawndale activist who was arrested Tuesday while calling on Bank of America to follow the law – and fix code violations in foreclosed properties – has posted her comments at Action Now’s blog.   “I was in shock,” says Marsha Godard, 52, a mother and a Bank of...
August 3, 2011
By Dennis Rodkin August 3, 2011   Last Thursday, the Chicago City Council passed a vacant building ordinance designed to get mortgage lenders with a financial stake in vacant foreclosed properties to help keep them from falling into disrepair.   Four days later, Moody’s Investors Service issued a...
August 2, 2011
By Mary E. Morrison August 2, 2011 The foreclosure crisis is far from over, but fewer homes in the Chicago area are sitting empty, a welcome if only temporary sign for the battered local housing market.   The Chicago-area home vacancy rate dropped to 3.6% in the second quarter, down from 4.3% in...
July 20, 2011
By Jacob Gaffney July 20, 2011 Political deadlock mixed with terrible housing market conditions will eventually turn America into a society of renters, according to the latest Housing Market Insights report from Morgan Stanley (MS: 21.72 +3.53%).   High rates of mortgage delinquency, foreclosures...
July 20, 2011
By Dennis Rodkin July 20, 2011   Some Chicago-area homeowners at risk of foreclosure may get the lifeline they need from the new $100 million Mortgage Resolution Fund, announced by Governor Quinn this past Friday.   “We’re going upstream to stop further houses from becoming vacant,” says Bill...
July 20, 2011
By Michelle Manchir July 20, 2011   Rep. Emily McAsey, a Lockport Democrat who represents the Bolingbrook area in the Illinois General Assembly, urged homeowners struggling with foreclosures to seek assistance from legitimate sources and avoid scams.   The message came at a town hall meeting...
July 13, 2011
By Sylvia Puente July 13, 2011 “Prices are low! Mortgages are cheap!”   The headline from a recent report from CNN Money enticed would-be homeowners. However, as the headline concluded, reality set in:   “But you can’t get one.”   While times are tough for homeowners from all walks of life,...
July 8, 2011
By Bridget O'Shea and James O'Shea July 8, 2011   Although it never shared the notoriety of Miami, Los Angeles and Phoenix during America’s foreclosure crisis, the Chicago area now has the nation’s largest inventory of foreclosed homes because it is harder to unload troubled properties here than in...
July 6, 2011
  By Elizabeth Brackett July 6, 2011   Elizabeth Brackett reports on Ald. Dowell's ordinance to address "red flag" vacant properties and uses Woodstock data to explain the scope of the problem.   Video: http://www.wttw.com/main.taf?p=42,8,80     *These clippings are provided for "fair use" not-for-...
July 4, 2011
By Darnell Little and Dan Mihalopoulos July 4, 2011   One path that so many black middle-class home buyers have followed from Chicago’s South Side in recent years ends just off Lincoln Highway, past the entrance to the Newbury Estates subdivision in Matteson.   On Willow Road, a boulevard lined...
June 28, 2011
By Kerri Panchuk June 28, 2011   Advocacy groups re-ignited a decade-long debate over what role the federal government should play in creating homeownership opportunities for low-income and minority families this week. One such group, the Woodstock Institute, is fighting the proposed 20% down-...
June 24, 2011
By Whet Moser June 24, 2011 Trib reporters Antonio Olivo, William Mullen, and Dahleen Glanton have a good piece in today's paper about how the collapse of the housing bubble has hit Englewood; it's a good companion to the reports earlier this year about the 2010 census figures, which showed a...
June 24, 2011
By Antonio Olivo, William Mullen and Dahleen Glanton June 24, 2011 Englewood is rapidly being abandoned, many of its blocks now little more than weed-choked and trash-littered urban prairies. A neighborhood that had long been on the brink was pushed over the edge by the foreclosure crisis, leading...
April 5, 2011
By Christine Dugas April 5, 2011 After making big financial gains in recent decades, African Americans and Hispanics are again losing ground, critics say.   Rather than blaming the lingering effects of the recession, a growing number of reports point to financial discrimination as a major cause. “...
March 29, 2011
By Carolyn Rusin March 29, 2011 The number of foreclosures jumped last year in Palatine, according to a Chicago organization that tracks such data, with the vacancies traditionally affecting property values, sense of community and opening the door to crime. There were 782 foreclosures in the...
March 28, 2011
By Darryl Holliday March 28, 2011 Owners of neglected and abandoned buildings in Chicago—many of which are the result of foreclosure—could face time in jail if the properties aren’t safely secured when left vacant, despite banks’ and third party services’ reluctance to maintain the buildings before...
March 22, 2011
By Micah Maidenberg March 22, 2011 One of the striking moments during a legislative hearing about home foreclosures that State Rep. Karen Yarbrough (D-Broadview) convened in Chicago yesterday occurred when panelists representing the banking industry took questions from the several lawmakers in...
Press Clipping • Foreclosure Facts (CNBC)
March 18, 2011
By Diana Olick March 18, 2011   CNBC's Diana Olick takes a look at a new twist on foreclosure walkaways in Chicago. Apparently, banks are walking away from foreclosed properties, leaving them to be boarded up or bulldozed. Video   *These clippings are provided for "fair use" not-for-profit,...
March 18, 2011
By Micah Maidenberg March 18, 2011 Foreclosures have hit Illinois hard. More than 151,304 properties across the state received a foreclosure notice in 2010, the fourth-highest total in the country and an increase of more than 15 percent over 2009, according to the research firm RealtyTrac. There...
March 16, 2011
By Micah Maidenberg March 16, 2011 With the General Assembly's new session heating up, many of our recent posts have focused on proposals now under discussion in Springfield -- and we'll have much more in the coming days and weeks about that legislation. But outgoing Chicago Mayor Richard Daley...

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