Foreclosure Research

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

June 20, 2012
By Matthew Blake June 21, 2012   Five years after the housing bubble disastrously burst, federal and local government has tried, with limited success, to address each new wave of the foreclosure crisis. In Chicago and Cook County, the focus is increasingly on the surging number of properties...
June 20, 2012
By Deb Quantock McCarey June 20, 2012   On a recent Saturday morning, Doris, 46, is sitting in the auditorium at Michele Clark High School, 5101 W. Harrison St. in Chicago, chatting with a friend.     The long-time Austin resident is among 50-some other homeowners from the area, and as far away as...
June 14, 2012
June 14, 2012   Illinois foreclosure filings shot up 29 percent in May compared to the previous month and are 54 percent higher than May 2011, according to data provided by Irvine, California-based RealtyTrac. Illinois has the fifth-highest foreclosure rate nationally.   The discouraging month-by-...
May 3, 2012
By Odette Yousef May 3, 2012   An initial review suggests that Chicago’s revised vacant property ordinance is bringing in a lot cash to the city, and that it’s helping city officials keep better count of the number of homes sitting vacant. The statistics, contained in a letter from Chicago Mayor...
April 26, 2012
By Martha Bridegam April 26, 2012   The Chicago-based Woodstock Institute is understandably exercised about an Illinois state legislative proposal that, if passed, would declare a property to be "abandoned" for quick-foreclosure purposes if it has residents but they aren't authorized to be there....
April 12, 2012
By Francine Knowles April 12, 2012   Foreclosure filings in the Chicago metropolitan area jumped 18.5 percent in March from a year earlier and edged up 1.8 percent from February, according to the latest report from RealtyTrac released Thursday.   The report showed 12,818 homes received foreclosure...
April 11, 2012
By Dennis Rodkin April 11, 2012   A new federal report has provided yet another sign that Chicago’s housing market is in the slow lane on the road to recovery. The report, issued last week with the government’s monthly housing scorecard, noted that, during the past year, the area saw a 1.5 percent...
April 11, 2012
By Jon Prior April 11, 2012   A growing percentage of conventional, fixed-rate mortgages end up in foreclosure, according to the Woodstock Institute, whose report focused on the Chicago metro area.   In 2011, 68.2% of foreclosed homes came from Federal Housing Administration and Veterans Affairs...
April 10, 2012
By Ashley Gross April 10, 2012   This week, we’re examining how a city turns around neighborhoods that have been walloped by the foreclosure crisis.   The housing research organization Woodstock Institute reports that, since 2006, about 100,000 homes have gone into foreclosure in Chicago. But they...
April 9, 2012
By Nick Carey April 9, 2012   Mercedes Robinson-Duvallon turned 83 in February, but there was little time for celebration.   On her birthday, as she sat in a wheelchair recovering from surgery, sheriffs' deputies arrived to evict her from the Miami home where she has lived since 1966. A year...
March 22, 2012

CHICAGO--Negative equity is disproportionately concentrated in the Chicago region’s African American, Latino, and majority minority neighborhoods, a new report from Woodstock Institute found.

The report also found that borrowers in communities of color have much less equity on average than do borrowers in predominantly white communities. “Underwater homes limit opportunities for families and sap neighborhood wealth,” said Spencer Cowan, Vice President at Woodstock Institute. “When highly concentrated, underwater homes  can contribute to community destabilization and the proliferation of foreclosures. The clustering of negative equity in communities of color poses hurdles to economic recovery in these areas.”

Struggling to Stay Afloat
March 22, 2012

This fact sheet highlights findings and recommendations from "Struggling to Stay Afloat: Negative Equity in Communities of Color in the Chicago Six County Region." It finds that negative equity is disproportionately concentrated in the Chicago region’s African American, Latino, and majority minority neighborhoods, and that borrowers in communities of color have much lower equity than do borrowers in predominantly white communities.

Struggling to Stay Afloat
March 22, 2012
The following analysis examines patterns of negative equity in communities of different racial and ethnic compositions in the Chicago six county region. It combines 2011 data on negative equity in Chicago region ZIP codes with U.S. Census data on the racial/ethnic composition of ZIP Code Tabulation Areas (ZCTA).
March 6, 2012
By Anna Maria Andriotis March 6, 2012     Foreclosures and other distressed properties account for more than a third of all home sales, and data released today suggests that figure may soon grow even bigger.   Lenders in January took back nearly 91,100 distressed properties, which includes...
February 25, 2012
By Maudlyne Ihejirika February 25, 2012   Only strident remedies — such as a national moratorium on foreclosures and offering financial aid to “underwater” homeowners — can help stem a crisis sending severe reverberations through poor and minority communities, members of an Operation PUSH panel...
February 14, 2012
By Alison Burdo February 14, 2012   Homeowners’ aggravation continues despite the $25 billion foreclosure settlement the federal government reached last week with five mortgage servicers to compensate for loan servicing and foreclosure abuses. Borrowers, like Vivian Ojikutu, await more information...
February 13, 2012
By Blair Kamin February 13, 2012   Cicero, infamous for its history of corruption, and Jeanne Gang, famous for her futuristic buildings, would seem an unlikely pair. But something unexpected has brought them together: America's foreclosure crisis.   On a recent morning, Gang drove her gray Toyota...
February 13, 2012
By Dawn Turner Trice February 14, 2012   Morgan Davis, 26, who's black, grew up in west suburban Oak Park, a community long praised for its work on behalf of maintaining racial diversity.   Patricia Fron, 27, who's white, grew up in southwest suburban Alsip, a predominantly white, working-class...
February 10, 2012
By Matthew Blake February 10, 2012   A coterie of Illinois housing advocates say a foreclosure settlement made with five big banks does not do enough to hurt the financial institutions or help struggling homeowners.   “The punishment doesn’t fit the crime,” argues Kristi Stanford, spokeswoman from...
February 9, 2012
By Jamey Dunn February 9, 2012   Under a national settlement reached by states and five of the nation’s largest banks, Illinois would get $1 billion in relief for borrowers whose homes are in danger of foreclosure.   The $26 billion settlement announced today came in response to the nation’s...
February 9, 2012
By Sandra Guy February 9, 2012   Just because you are behind on your mortgage payments or owe more on your home than it is worth doesn’t mean you will see relief from a historic $25 billion settlement that federal officials and state’s attorneys general announced Thursday with the nation’s five...
February 7, 2012
By Matthew Blake February 7, 2012   Illinois Gov. Pat Quinn recently introduced a new pilot program to rehabilitate vacant, foreclosed upon properties in Cook County and give assistance to homeowners.   The multi-pronged Illinois Building Blocks program comes in addition to a menu of local, state...
January 31, 2012
By Yana Kunichoff January 31, 2012     From the window of Ruth Long's apartment in Chicago's Edgewater neighborhood, where she has lived for 33 years, Long can see a McDonald's where a man was shot, a building from which five families were forced out by development before the housing crash, and a "...
January 25, 2012
By Jon Prior January 25,  2012   Even if the promising mortgage refinancing plan President Obama announced Tuesday night passes Congress, critics say it will fall short of solving the deepest housing problems.   The White House did not release great amounts of detail, but the plan would help...
January 23, 2012
By Yana Kunichoff January 23, 2012     Chicago is a city of neighborhoods, and Mayor Rahm Emanuel couldn't agree more: This year, he began the second section of his neighborhood-based redevelopment plan that focuses recovery on some of the hardest-hit communities.   Humboldt Park, Chatham, Chicago...
January 23, 2012
By Megan Cottrell January 23, 2012   This program might just be the best hope we have of moving forward in this housing crisis, especially in devastated neighborhoods. But it's also another twist in the history of real estate and race, one that strikes me as a bit ironic and disturbing.Is it just...
January 10, 2012
By Mary Morrison January 10, 2012     Chicago is near the top of one list that won’t generate much civic pride: the number of foreclosed homes the federal government owns and has and put up for sale.   The Chicago area is among six U.S. metropolitan areas with the most foreclosed homes that have...
December 14, 2011
By Mary Ellen Podmolik December 14, 2011   The Cook County Board on Wednesday passed a vacant building ordinance that largely mirrors one adopted by the city of Chicago and now the subject of a federal lawsuit.   The county measure, passed without opposition, requires a property's mortgagee to pay...
December 14, 2011
By Lisa Donovan December 14, 2011   Owners of problem vacant buildings across stretches of unincorporated Cook County will have to clean up their act or pay fines of up to $1,000 a day under a measure passed easily by the county board Wednesday.   Before the vote, elected leaders and community...
December 1, 2011
By Mary Morrison December 1, 2011   New Chicago-area loans insured by the Federal Housing Administration fell dramatically last year.   Lenders made 32,413 FHA-insured loans to local homeowners in 2010, down almost 36% from 50,504 in 2009, according to the Mortgage Bankers Assn. That figure...

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