Foreclosure Research - Press

September 1, 2010
September 1, 2010 New data compiled by the Woodstock Institute shows that the number of Chicago-area households taking part in trial and permanent home mortgage modifications is now at its lowest regional level since the federal Home Affordable Modification Program (HAMP) was launched. There were...
September 1, 2010
By Robert Felton September 1, 2010 With nearly 1000 foreclosures in the Austin community, current and former homeowners have been looking for help during this still difficult housing market. Cook County recently launched a foreclosure mediation program to offer assistance. The program offers...
August 24, 2010
By Frank Kalman August 24, 2010 While the backlash of the financial crisis continues to weigh heavily on the nation’s banks, Illinois lenders are in the midst of a major consolidation of their own, with a lagging Chicago economy propelling the trend. Since 2007, Illinois has seen 37 of its...
August 4, 2010
By Micah Maidenberg August 4, 2010   The four foreclosure suits that started hitting mortgaged properties clustered around Washington Boulevard between Damen and Oakley in late June share several common elements: Bridgeview Bank filed the suits, and each names Edward Gobbo among the defendants. In...
August 3, 2010
August 3, 2010 We’ve been chattering for awhile about the foreclosures and short sales in the South Loop. The Chicago Journal reports that foreclosures have jumped 54% in the South Loop in the first six months of 2010. When Mohammad Valadan first starting hearing about the South Loop in the media...
August 1, 2010
By David Roeder August 1, 2010 That house down the street that just went into foreclosure wasn't just bad for your neighbor. It's gnawing at the value of your own home. Sales figures show that foreclosed homes generally trade for a 40 percent discount compared with homes sold the conventional way...
July 29, 2010
By Lynne Stiefel July 29, 2010 The number of homes facing foreclosure dipped slightly in some Chicago's suburbs in the first half of 2010, compared to the last half of 2009, but were considerably higher than totals from the first half of 2009, according to data compiled by the Woodstock Institute...
July 28, 2010
  By Micah Maidenberg July 28, 2010 When Mohammad Valadan first starting hearing about the South Loop in the media several years ago, it was described as a rapidly expanding neighborhood. In short order he decided that residential real estate in the area had lots of upside for someone, like him,...
July 22, 2010
By Tim Jones July 22, 2010 In the Bungalow Belt of northwest Chicago, houses sink into the morass of foreclosure every day, leaving behind boarded-up windows, scraggly lawns, plummeting home values and an unintended invitation for squatters to settle in. This is life for residents in the old...
July 22, 2010
By Joe Zekas July 22, 2010 Late last year real estate agents were sounding alarms about a pending tsunami of foreclosures on the North Shore. It doesn't appear to be happening. The Woodstock Institute's Q2 2010 report was recently released, and the pickings appear to be relatively slim for...
July 22, 2010
By Bill Smith July 22, 2010   The Woodstock Institute reports that foreclosure filings in Evanston increased in the first half of this year by 18 percent over the same period last year to a total of 267. The good news, such as it is, was that the rise here was lower than the average 33 percent...
July 22, 2010
By Jon Prior July 22, 2010 Foreclosures on condominium units in the six-county Chicago area made up 19% of all filings in the first half of 2010, from 17% last year, according to the Woodstock Institute, a nonprofit research firm based in Chicago. Lenders foreclosed on 39,212 Chicago-area...
July 21, 2010
By Mary Ellen Podmolik July 21, 2010 Some of the most recent Chicago-area homes to enter foreclosure are hard to spot. There are no weedy front yards or plywood-covered windows. That's because they are condos. While single-family homes continue to represent the bulk of initial foreclosure filings...
July 21, 2010
By Ashley Gross July 21, 2010 Just a few years ago, foreclosures were confined to certain pockets of Chicago. The south and west sides were hard hit as subprime loans went bust. But now, new numbers out today show that foreclosures in those areas are tailing off while the rest of the region copes...
July 20, 2010
By Diane Eastabrook July 20, 2010   TOM HUDSON: Many communities around the country are dealing with the problem of foreclosures. Some of them are dealing with it using money from Uncle Sam. The Federal government has set aside $6 billion in grants to buy up foreclosed properties and resell them....
July 15, 2010
July 15, 2010 Nonprofit organizations serving Evanston, Oak Park, Skokie, Forest Park and Maywood are among those receiving community outreach grants for their efforts to publicize a foreclosure mediation program. Using Cook County funds, The Chicago Community Trust awarded $225,000 in outreach...
June 10, 2010
By Ashley Gross June 10, 2010 The latest foreclosure numbers from the research group RealtyTrac show some improvement for Illinois. Foreclosure filings dropped 20 percent in May compared with April. They were up from May 2009, but that’s probably because the state last year made banks temporarily...
June 7, 2010
By Gloria Carr June 6, 2010 When Daniel Taylor met Illinois U.S. Sen. Dick Durbin, the Elgin man shared his experience as he struggled to keep his home and talked of his effort to obtain a home mortgage modification that could help him avoid going into foreclosure. Months later, Taylor is still...
June 2, 2010
By Dan Rafter June 2, 2010 Are you one of the more than 23 percent of U.S. homeowners who is underwater on a mortgage loan, according to new figures from Zillow.com? If so, who do you blame for it? Who do you blame for the rapid rise in housing values during the housing boom years, those magical...
May 31, 2010
By Michael Powell May 31, 2010 For two decades, Tyrone Banks was one of many African-Americans who saw his economic prospects brightening in this Mississippi River city. A single father, he worked for FedEx and also as a custodian, built a handsome brick home, had a retirement account and put his...
May 28, 2010
By Joseph Ruzich May 28, 2010 Oak Forest resident Len Zabawa, 65, keeps his lawn neatly trimmed. But the yard on his neighboring property –– a foreclosed home vacant for more than a year –– has become an overgrown eyesore. "The yard is starting to look like a jungle," Zabawa said. "I think it's...
May 25, 2010
By Steven Ross Johnson May 23, 2010 Many have called it the great housing bubble -- a period during the early to mid-2000s when there seemed to be no end to the rise in home values. But as is the nature of any bubble, it burst -- and with it came a wave of foreclosures that swept through the...
May 18, 2010
By Alan Schmidt May 18, 2010 It's likely the last thing most residents of villages along Cook County's North Shore have on their minds is that they might have to rely someday on a food pantry. Many who've had their sense of financial security rattled by the aftershocks of this country's high-...
May 14, 2010
By Lisa Parker May 13, 2010 There was some reason for optimism in the housing world Thursday, as positive numbers emerged for the first time since the housing crisis began. But Illinois' numbers were not part of the party. RealtyTrac, a company that tracks and crunches housing data for much of the...
May 14, 2010
By Eileen Markey May 14, 2010 Redlining is making a comeback. That's the warning issued in a new report that analyzed lending patterns before and after the subprime mortgage collapse. Although communities of color were flooded with often unaffordable, high interest mortgages and home equity loans...
May 13, 2010
By Ashley Gross May 13, 2010 A new report shows that banks have tightened lending in Chicago’s minority communities a lot more than in mostly white communities. From 2006 to 2008, banks shut the spigot of mortgage dollars in predominantly minority neighborhoods. Loans for refinancing in particular...
May 13, 2010
By Nick Carey May 13, 2010 America's financial crisis disproportionately cut access to conventional mortgage loans for minority communities compared to predominantly white neighborhoods, according to a study released on Thursday. Reckless subprime mortgage lending during the recent economic boom...
May 13, 2010
  By Mike Lillis May 13, 2010 Some troubling findings today out of the Woodstock Institute, which examined home lending trends in seven major cities to discover that banks have scaled back prime loans to minority communities at a much quicker clip than they’ve reduced those same loans in...
May 13, 2010
By Alyssa Katz May 13, 2010 Looking to get a mortgage to refinance your home at a low rate? Better check not only your bank account and credit score but your neighborhood's racial profile. According to a new report that surveys loans in seven cities across the country, the number of prime...
May 13, 2010
By Curtis Black May 13, 2010 Minority communities which were hardest hit by subprime loans and foreclosures are seeing dramatic and disproportionate decreases in prime mortgage lending, according to a new study of bank lending in seven metropolitan areas including Chicago. “We have gone from a...

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