Woodstock Institute identifies trends and impacts of the foreclosure crisis and works to limit foreclosures’ negative effects on communities.
Cook County is currently home to 55,000 vacant properties with 33,000 of them in Chicago alone.
The Federal Reserve Bank of Cleveland released a report earlier this month finding that adoption of a fast-track foreclosure process for abandoned properties in the states of Ohio and Pennsylvania would save the states at least $24 million annually.
A group of community organizers worked from the end of 2012 into the spring of 2013 cleaning out an abandoned two-flat at 4824 W. Van Buren St.
This fact sheet summarizes the Unresolved Foreclosures: Patterns of Zombie Properties in Cook County report, which examines the extent to which mortgage servicers are filing for foreclosure and then not pursuing the case to resolution in different types of communities in Cook County, Illinois. The report defines a zombie property as a property with a foreclosure filing that has not been resolved for more than three years. Because neither the borrower nor the servicer has clear control of the property, neither has an incentive to assume responsibility for the property. Zombie properties, therefore, are likely to threaten neighborhood stability by being poorly maintained or blighted, especially in lower-income neighborhoods, The report concludes with recommendations to reduce the negative impact of zombie properties on communities in Cook County.
Every six months, Dave McDowell rounds up a group of volunteers, hands them legal pads and pens, and sends them out to log the addresses of every vacant property they can find within a roughly three-square-mile area on Chicago’s Southwest Side.