Foreclosure Research - Press

January 13, 2011
By Leah Hope January 13, 2011 Illinois is among the top 10 states in the country in property foreclosures, and there are increasing concerns about the condition of bank-owned homes in many communities. Lenders are expected to take back more homes this year than any other since the housing crisis...
January 13, 2011
By Joy Leopold January 13, 2011 According to a report released Thursday by the Woodstock Institute, vacant homes in the city of Chicago are piling up and costing the city millions of dollars while bringing crime and blight to neighborhoods. According to the report, there were more than 18,000...
January 3, 2011
By Lisa Donovan January 3, 2010 Elizabeth Cabral-Arreola vacillates between resignation and nervous chatter about the accumulation of problems — ill health, bad luck and some regrets — that has put her on the verge of losing her home. She’s been looking forward to a fresh start — 2011 — almost...
December 30, 2010
By Kelsey Duckett December 30, 2010 The statistics are alarming: Nearly one in every six Cook County foreclosures last year was an apartment building, putting thousands of renters in danger of losing their homes. The hardest-hit areas? The West and South Sides. Englewood had 279 foreclosed...
December 18, 2010
By Mick Dumke December 18, 2010 Edward M. Burke, alderman of the 14th Ward since 1969, is widely regarded as the most powerful member of the Chicago City Council. But as he prepares to run unopposed for an 11th full term, the communities that make up his Southwest Side ward are going through vast...
December 15, 2010
By Anna Maria Andriotis December 15, 2010 IF THERE'S A bright spot in the recent housing market meltdown, it's that buyers once priced-out of nice houses or good school districts may now be able to afford their target locales. But with foreclosures and short sales spreading, how does a buyer know...
December 1, 2010
By Dennis Rodkin December 1, 2010 When will the “I’m mad as hell, and I’m not going to take this anymore” moment come in the housing crisis? In his new documentary, Plunder: The Crime of Our Time, the New York journalist Danny Schechter makes it clear that he believes that moment is long overdue—...
November 29, 2010
By Jim Campen November 29, 2010 In the 1980s and early 1990s, racial discrimination in mortgage lending resulted in less access to home loans for predominantly black and Latino borrowers and neighborhoods. Home mortgages were a fairly standardized product, and the problem was that banks avoided...
November 11, 2010
By Nick Carey November 11, 2010 America's housing mess came to the western part of Humboldt Park long before it hit wealthier neighborhoods, but like much of the country the crisis is apparently going nowhere. "Everything is on hold here," said John Groene, director of the neighborhood's branch of...
November 11, 2010
By Dennis Rodkin November 10, 2010 In an era when foreclosures are rampant, Illinois’s 8th District may have tapped a foreclosed homeowner to represent it in Congress. Final votes are still being tallied, but on Tuesday, Joe Walsh, who lost his Evanston condo to foreclosure in October 2009, still...
November 10, 2010
By Matthew Blake November 10, 2010   A proposal to set aside about $100 million annually in property tax money toward affordable housing has found a second life in the Chicago City Council and could go up for a vote on November 17. Assisted by Ald. Robert Fioretti (2nd), Ald. Walter Burnett (27th)...
November 10, 2010
By Micah Maidenberg November 10, 2010 When President Barack Obama talks about the struggling housing market as a "headwind", one assumes he's thinking of issues like this: nearly one-third of single-family homes in the Chicagoland area are underwater -- meaning their mortgages are worth more than...
October 28, 2010
  October 28, 2010 Foreclosure activity is up across most U.S. metro areas, and the Chicago area is no exception. In a report by RealtyTrac Inc., Chicago has seen a sharp increase in foreclosure warnings and has had the third-highest number of homes repossessed by lenders in the quarter. Another...
October 28, 2010
By Tony Arnold October 28, 2010 A new report shows the foreclosure crisis hit Chicago particularly hard this summer. The numbers from RealtyTrac show the summer in Chicago was not a pleasant one for many home owners. The city and its suburbs saw a 35 percent increase in foreclosures compared to a...
October 26, 2010
By Lynne Stiefel October 26, 2010   Even though foreclosure activity looks to be slowing in a few suburbs, rates are increasing in most others, leading the Woodstock Institute to conclude that the crisis hasn't yet bottomed out in the six-county Chicago region. "Concerns about underwater homeowners...
October 26, 2010
By Anna Marie Kukec October 26, 2010 The suburbs are heading for more empty homes amid the foreclosure crisis, with little hope in sight as the robo-signing controversy, high unemployment and underwater home prices stall a recovery, the Woodstock Institute said Tuesday. Arlington Heights,...
October 21, 2010
By David Roeder October 21, 2010 The plague of foreclosures, which started in the lowest income communities, is moving up the demographic scale in the Chicago area. A report by the Woodstock Institute shows that so far in 2010, new foreclosures are increasing fastest in formerly trendy...
October 21, 2010
By Mary Ellen Podmolik October 21, 2010 Chicago's once-hot neighborhoods are getting hammered by foreclosures. In Chicago's Loop, for instance, 73 foreclosure filings were made during the three months ended Sept. 30. Combine that with filings made earlier in the year and foreclosures are up almost...
October 21, 2010
By Micah Maidenberg October 21, 2010 The Woodstock Institute's latest report (PDF) on foreclosure activity in the Chicago region paints a grim picture. Between January and September of this year, 26,870 properties finished the foreclosure process and 95 percent of them were taken back by mortgage...
October 21, 2010
By Richard D. Orol October 21, 2010 WASHINGTON (MarketWatch) — Consumer advocates and bank executives clashed on Thursday over the financial industry’s handling and the severity of the so-called “robo-signing” crisis that the government says could derail the housing market. The Federal Reserve...
October 21, 2010
By Curtis Black October 21, 2010 The problem with Cook County Sheriff Tom Dart’s foreclosure moratorium isn’t that it “delays the inevitable.” It’s that it may not have much impact at all. Two weeks after Action Now called on Dart to declare a moratorium on all foreclosure evictions, and five days...
October 19, 2010
By Bob Spoerl October 19, 2010 A sluggish real-estate market and the recently scrapped plans to build the Spire Tower are both part of dwindling development downtown. In the shadows of a recession, the city’s skyline will likely look the same for some time, according to Gail Lissner, a downtown...
October 11, 2010
By Micah Maidenberg October 8, 2010 On September 13, attorneys representing GMAC Mortgage LLC filed a lawsuit in the Circuit Court of Cook County to foreclose on a woman's home in the 12300 block of S. Wentworth Avenue, in Chicago's West Pullman neighborhood. The single-story house has a brick...
October 8, 2010
By Kat Aaron and Mary Kane October 8, 2010 With more than 1 million total foreclosures predicted this year, the government is finally taking steps toward resolving a vexing dilemma: It has very few details about this very big problem. Since the subprime mortgage market collapse in 2007, regulators...
October 6, 2010
By Matthew Blake October 6, 2010   As 2nd Ward Alderman Robert Fioretti prepares a likely run for mayor, he is trying to establish his bona fides as an advocate for renters pushed out of affordable housing. Fioretti plans at the monthly City Council meeting Wednesday to breathe some life into the...
October 3, 2010
By Marie Wilson October 3, 2010 Diane Keys and her husband, Tony, are not behind on their mortgage payments. But with Diane receiving disability payments, Tony in need of back surgery and three kids younger than 12, Keys knows her family is struggling. "We're having a hard time with the mortgage...
October 2, 2010
By Sean Stillmaker October 2, 2010 Since the beginning of the mortgage crisis home foreclosures have been at their highest this year. But maybe the situation wouldn’t be as bad if bank employees did the job they are paid to do. JP Morgan Chase said it's stopping 56,000 foreclosures to verify...
September 28, 2010
By Justin Saper September 28, 2010   Advocates say programs designed to curb the number of foreclosures in Illinois aren’t working because of dishonest practices by mortgage servicers. Despite the passage last year of the federal Home Affordable Modification Program, foreclosure filings in Chicago’...
September 24, 2010
By Mary Ellen Podmolik September 24, 2010 How easy is it for someone to learn all about you from your mortgage loan application? To hear mortgage lenders and community groups tell it, it's easier than you might think. Some of the 26 types of data from every mortgage application that's reported...
September 8, 2010
By Micah Maidenberg September 8, 2010   When a bank forecloses on a home, the impact is felt by more than the borrower. Foreclosures radiate outward. Lawns don't get mowed, maintenance is deferred, and empty homes with boarded-up windows are prime targets for vandalism. Property values decline --...

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