Foreclosure Research

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

April 9, 2014

Cook County is currently home to 55,000 vacant properties with 33,000 of them in Chicago alone.

March 19, 2014

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.

February 28, 2014
New foreclosure filings have dropped in Franklin Park by 42.4 percent between 2012 and 2013.
Tags: foreclosures
February 25, 2014
The foreclosure crisis is easing, but that doesn't mean distressed properties have stopped being a worry for home sellers.
Tags: foreclosures
February 24, 2014
Properties that sit deteriorating in foreclosure limbo are plaguing New York’s neighborhoods.
February 24, 2014
Properties that sit deteriorating in foreclosure limbo are plaguing New York neighborhoods. New York Attorney General Eric Schneiderman says he plans to introduce legislation to get banks and mortgagees to better maintain the vacant properties.
February 19, 2014
Foreclosure filings in Evanston declined by 41.7 percent last year compared to the year before.
Tags: foreclosures
February 19, 2014
From 2008 to 2010, 8.7% of foreclosures filed in Cook County, Illinois, were zombie foreclosures, accruing to more than 5,800 zombie properties in the city of Chicago. But this is just the beginning.
February 14, 2014

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.

February 13, 2014
The tan, three-bedroom house on Chicago’s North Side sits half a block from a Family Dollar store and a pawn shop -- an unlikely patch of gold to mine for Blackstone Group LP in the single-family rental market.
February 12, 2014
As the Chicago area struggles to emerge from the foreclosure crisis, a growing problem poses a serious challenge to the housing recovery: zombie properties.
February 7, 2014
It’s Friday desk clearing time for this blogger. “In New Jersey, foreclosure filings — which include default notices, scheduled auctions and bank repossessions — rose 44 percent last year, RealtyTrac said. Atlantic County was up 45 percent, Cumberland County 38 percent and...
February 6, 2014

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.

February 3, 2014
January 31, 2014
Thousands of Cook County residents are being haunted by their former homes. A recent study from the Woodstock Institute shows there are more than 11,700 “zombie properties,” or unresolved foreclosures, in the area, including 5,800 in Chicago.
January 28, 2014
Undead properties plague Cook County Illinois
January 24, 2014
Woodstock Institute report finds that unresolved foreclosures concentrated in low-income communities, racially homogenous communities
January 24, 2014
This report examines the extent to which servicers are walking away from foreclosures in Cook County, Illinois, creating zombie properties, and how that practice may vary by the characteristics of the neighborhood in which the property is located.
January 22, 2014
Lower-income areas have the highest number of affected properties, study says
January 10, 2014
A new study by housing data provider RealtyTrac shows Illinois and Chicago remain particularly hard hit by the nation’s real estate crisis, with as many as a third of all homes considered “deeply underwater”.
Tags: foreclosures
December 5, 2013
Vacant homes are posing obstacles to recovery for communities throughout the Chicago region and beyond.
December 2, 2013

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.

November 12, 2013
Chicago's wealthy suburbs haven't escaped the housing cataclysm, leaving empty homes and town officials pondering how to address a problem many had regarded as one for grittier areas.
November 8, 2013
Since the collapse of the housing market and onset of the foreclosure crisis, the idea of and public policies to support homeownership have been under attack.Six years into the crisis, the housing market continues to struggle, and many influential policymakers have made it their goal to...
November 8, 2013
The Illinois Housing Development Authority (IHDA) recently announced an important new resource for municipalities looking to reduce the negative impacts of vacant residential buildings on their communities.
November 4, 2013
The U.S. Senate blocked the confirmation of two of President Barack Obama's nominations Thursday.The nomination of U.S. Rep. Melvin Watt (D-NC, 12) was four votes shy of moving forward, with the Senate voting 56 to 42. Forty-one Republicans voted against Watt's nomination and just two voted...
November 3, 2013
The Senate’s role in presidential nominations is usually described as “advise and consent,” not “obstruct and prevent.” And yet, continuing their extreme break with past Senatorial traditions and practice, Senate Republicans rejected another Presidential nomination on...
October 31, 2013
Confirmation vote of Congressman Mel Watt as Federal Housing Finance Agency director will not proceed
October 31, 2013
Ever since the collapse of the housing bubble, local officials around the country have had to deal with a massive problem of homes effectively abandoned by banks and other absentee owners.With the direct and indirect costs of this neglect running into the billions of dollars, scores of cities and...
Tags: mel watt, fhfa