Foreclosure Research

Woodstock Institute identifies trends and impacts of the foreclosure crisis and works to limit foreclosures’ negative effects on communities.

August 20, 2012
By Becky Vlamis August 20, 2012   Earlier this summer, San Bernadino County, an area east of Los Angeles hit hard by the mortgage crisis, considered a plan that could potentially help homeowners whose mortgage payments exceed the actual value of their property. The ostensibly simple idea, proposed...
August 16, 2012
By Matthew Blake August 16, 2012   Foreclosure filings increased by exactly one percent in the city of Chicago between the first six months of 2011 and first half of 2012, according to data compiled by the Woodstock Institute. But the jump in foreclosures was more dramatic in a handful of...
August 14, 2012
By Mary Ellen Podmolik August 15, 2012     Auctions of foreclosed homes in the Chicago area more than doubled during the first half of the year, taxing the resources of court systems and potentially delaying a housing recovery as those homes slowly make their way to the market.   An overall uptick...
August 14, 2012
By Jon Prior August 14, 2012   Mortgage investor and homeowner advocacy groups made their cases to the Chicago City Council Tuesday over a controversial plan to seize underwater mortgages through eminent domain and refinance them into government-backed loans.   Chicago is one of several areas,...
August 14, 2012
August 14, 2012   Here is another sign that the foreclosure crisis is not going away. Completed foreclosure auctions more than doubled in the Chicago six-county region from the first half of 2011 to the first half of 2012, according to data put together by Chicago's Woodstock Institute, a housing...
August 14, 2012
  Mayor Rahm Emanuel said Tuesday that he does not support the idea of using eminent domain to seize underwater homes and then refinance those mortgages to more affordable terms.   He made the statement as Chicago aldermen were in a committee hearing trying to understand the proposal floated by a...
August 14, 2012
By Odette Yousef August 14, 2012   New figures show that while the number of properties with foreclosure filings in the greater Chicago area didn’t change significantly from the first half of 2011 to the first half of 2012, the number of foreclosed homes sold at auction jumped dramatically....
First Half 2012 Foreclosures
August 13, 2012
Aggregated by community area, ward, suburban region, and municipality, Woodstock's first half 2012 foreclosure update offers community stakeholders the information they need to understand the scope of the problem and measure the success of their efforts. press release & audio briefing
August 13, 2012
By Fran Spielman August 13, 2012   Should Chicago use its sweeping condemnation powers to help stem the foreclosure epidemic — paving the way for underwater mortgages to be written down and repackaged under terms more affordable to struggling homeowners?   The City Council’s most powerful alderman...
August 10, 2012
By Nick Moroni August 21, 2012   Tweaks to Illinois' 1987 Residential Mortgage License Act, signed into law last week by Gov. Pat Quinn, will give the state's regulatory department more resources to combat shady mortgage lenders who engage in fraud, according to the bill's supporters.   Under the...
August 9, 2012
By David Lee Matthews August 9, 2012     More than a third of all home sales in Kendall County since 2010 have been by banks, the highest rate in the seven-county area, a new report shows.   Kendall, about 50 miles southwest of downtown, was one of the fastest-growing counties in the Chicago area...
August 2, 2012
By Peter Ricci August 2, 2012   Mortgage complains reigned supreme in the Consumer Financial Protection Bureau’s (CFPB) semi-annual report to Congress, comprising 43 percent of the 55,300 complaints the agency received from consumers in its first 11 months of existence.   The make-up of those...
August 1, 2012
By Ellyn Fortino August 1, 2012   Twice as many Chicago home buyers in communities of color were issued government-backed loans in 2010 compared to borrowers in white communities, a new report from the Woodstock Institute reveals.   In the report, “Paying more for the American dream VI: Racial...
August 1, 2012
By Mary Ellen Podmolik August 1, 2012   Financially strapped borrowers whose mortgages are backed by Fannie Mae and Freddie Mac will not be allowed principal reductions to help save their homes from foreclosure, a decision that will impact consumers as well as communities.   Federal Housing...
July 30, 2012
By Micah Maidenberg July 30, 2012   Chicago's City Council is wading into the debate about whether governments should use their eminent domain power to save borrowers from foreclosure.   Under a controversial plan pitched by a San Francisco-based investment firm, municipalities and counties would...
July 26, 2012
By Steven Ross Johnson July 25, 2012   A racial divide continues to perpetuate among those seeking a mortgage loan, according to a new study. The report alleges that mortgage lenders have steered more black and Latino borrowers towards government-backed home loans by limiting their access to more...
July 24, 2012
By Sheryl Harris July 25, 2012     Black and Latino homebuyers nationwide are significantly more likely to wind up with government-backed mortgages than white homebuyers, according to the Woodstock Institute's latest look at disparities in mortgage lending. In Cleveland, the study found, 85...
July 24, 2012
By Kate Berry July 24, 2012   Black and Latino borrowers received government-backed loans insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs significantly more often than white borrowers, raising concerns about redlining, a new study has found.   The...
July 24, 2012
By Brian Collins July 24, 2012   Seven affordable housing groups are urging the Department of Justice, HUD and federal regulators to investigate whether the prevalence FHA and VA lending in minority neighborhoods—and the low percentage of conventional lending—is a result of racial steering.   Read...
July 19, 2012
By David Lee Matthews July 19, 2012     The state's drawn-out foreclosure process has gotten even longer.   It now takes lenders an average of 647 days to repossess a foreclosed home in Illinois, according to second-quarter data from Irvine, Calif.-based RealtyTrac Inc., an online listing firm for...
July 19, 2012
By Thomas Adams July 19, 2012   Some 86 percent of mortgages in Rochester’s minority communities in 2010 were backed by government entities at higher interest rates, the highest percentage among seven cities included in a report released Thursday.   The report, Paying More for the American Dream...
July 19, 2012
By Nick Timiraos July 19, 2012     Seven consumer advocacy groups say their analysis of mortgage data raises questions about whether lenders are steering minority borrowers into government-backed loans that are slightly more expensive than conventional mortgages.   The report looked at lending data...
July 19, 2012
By Emma Fidel July 19, 2012   Black and Latino homeowners received significantly more government-backed loans than white homeowners in 2010, suggesting that racial discrimination persists in the mortgage industry, according to a joint report by seven community development advocacy groups.   Black...
July 19, 2012
By Jon Prior July 19, 2012   The American Bankers Association urged regulators to limit lending discrimination cases to only those in which banks admit intent.   In a white paper submitted by the ABA and prepared by financial law firm Buckley Sandler, the group said previous Supreme Court rulings...
July 18, 2012
By Mary Ellen Podmolik July 18, 2012   The Federal Housing Administration said Wednesday it has tapped the Chicago area, along with three other housing markets hit hard by foreclosures, for a pilot program designed to stabilize neighborhoods and slow the increase in abandoned homes.   The agency's...
July 5, 2012
By Safiya Merchant July 5, 2012   In 2011 alone, 6,274 homes in the city of Chicago went through the final stage of foreclosure and were auctioned off, according to data from Woodstock Institute. A vast majority, 94 percent, ended up in the hands of banks.   Thousands are still sitting vacant....
June 26, 2012
Presented by Woodstock president Dory Rand to the Metropolitan Housing Coalition in Louisville, KY. Covers the effect of the housing crisis on Chicago's communities of color and solutions to the resulting challenges.
June 25, 2012
By Rob Wildeboer June 25, 2012     Davinia Davis loves the small '60s-era bungalow she rents in Englewood.   “It's nice.  It's cozy, it's homey, it's just big enough,” she says. She laughs as she proclaims herself a homebody.   Davis grew up in Englewood and she’s comfortable there, but she seems...
June 25, 2012
By Anna Maria Andriotis June 25, 2012   The most promising news for housing may not be rising sales, but falling foreclosures.     While sales of new single-family homes jumped 8% in May, according to data released by the Commerce Department Monday, experts say homeowners may benefit more from the...
Scattered Site Rental Discussion
June 20, 2012

This white paper compiles the lessons from a discussion on scattered site rental strategies convened by the Chicago Community Trust and the Regional Home Ownership Preservation Initiative.

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