Foreclosure Research

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

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...
May 10, 2010
By Sean Stillmaker May 10, 2010 There’s a blurry forecast for the Illinois housing market. Home sales have increased this first quarter, but so did home foreclosures. There was a 32 percent increase in March 2010 with 9,487 homes sold compared to the same period in 2009 with 7,142 sold, according...
May 7, 2010
By Ash-Har Quraishi May 7, 2010 Over that past few years, foreclosures have swept over the Chicago region. To stem this rising tide of board-ups, the city and the suburbs both applied for federal funding to rehabilitate foreclosed homes. However, the suburbs were denied foreclosure aid as Chicago...
May 7, 2010
By Juan-Pablo Velez May 7, 2010   When a federal housing agency asked dozens of suburban cities in the Chicago area to band together to request a share of a $2 billion federal fund to help renovate foreclosed homes, they did exactly that. But when the Department of Housing and Urban Development...
May 5, 2010
By Steve Hahn May 5, 2010 Empty houses are hard to survey, but that's the challenge facing census workers in the Chicago area, where foreclosures and vacancies are weighing down response rates. This isn't just a predicament for the U.S. Census Bureau, it's a problem for these communities and their...
May 3, 2010
By Angela Caputo May 3, 2010 Earlier this spring, we reported on the runaround that that Chicago-area homeowners have been getting from their lenders as they seek approval for mortgage modifications under the federal Home Affordable Modification Program. First, the setup: Through interviews with...
April 29, 2010

An increasing number of Chicago area homes were lost to foreclosure in the first three months of 2010, according to new foreclosure data released by Woodstock Institute.  In the first quarter of 2010, there were 9,302 completed foreclosure auctions in the region, the largest number of completed auctions recorded in a quarter since the beginning of the mortgage crisis in 2006.  In the Chicago six-county area the number of completed foreclosure auctions in the first quarter of 2010 increased by 56 percent when compared to the first quarter of 2009. The region also saw a nearly 80 percent increase in completed foreclosure auctions from the fourth quarter of 2009 to the first quarter of 2010.

April 29, 2010
By Ashley Gross April 29, 2010 A new report shows a recent spike in foreclosed homes sold at auction in the Chicago region. The number of homes sold in foreclosure auctions jumped 56 percent in the Chicago area in the first quarter compared with last year. In Chicago, neighborhoods like Uptown and...
April 29, 2010
By Mary Ellen Podmolik April 29, 2010 More Chicago-area homeowners lost their homes to foreclosure in the first three months of the year than in any quarter in the past five years. This disturbing statistic raises doubts about the effectiveness of mortgage loan modification efforts and could put...
April 29, 2010
By Francine Knowles April 29, 2010 The number of Chicago metropolitan area homes lost to completed foreclosure auctions jumped 56 percent in the first quarter from a year earlier to the highest level since the beginning of the mortgage crisis in 2006. That is according to a Woodstock Institute...
April 28, 2010

In the Chicago region, the Home Affordable Modification Program (HAMP) continues to put homeowners into permanent modifications, but after several months of steady growth, the rate of new trial and permanent modifications is essentially unchanged nationally and locally.

April 19, 2010

It is likely that the ongoing financial and economic crisis has left a lasting, negative impact financial stability of many of Chicago’s most vulnerable populations, including communities of color.  Credit scores, bankruptcy filings, and other issues have become increasingly important to long-term financial stability because they directly impact access not only to credit, but also access to basic banking and even employment.

April 19, 2010

It is likely that the ongoing financial and economic crisis has left a lasting, negative impact financial stability of many of Chicago’s most vulnerable populations, including communities of color.  Credit scores, bankruptcy filings, and other issues have become increasingly important to long-term financial stability because they directly impact access not only to credit, but also access to basic banking and even employment.

April 7, 2010
By Micah MaidenbergApril 7, 2010 Three banks have filed foreclosure suits against Krzysztof Karbowski’s East Garfield Park and South Loop properties. The legal actions are part of a string of foreclosures banks have brought against Karbowski, a developer mostly active in Wicker Park and Bucktown,...
March 31, 2010
By Gloria Carr March 31, 2010 ELGIN -- Daniel Taylor worked for Chrysler for 27 years, had a family, had excellent credit, bought a house and never missed a house payment. Then he lost his job. Taylor has been getting unemployment, which just covers the mortgage and child support. He's been living...
March 29, 2010

The Obama administration recently announced key changes to the Home Affordable Modification Program (HAMP) and Federal Housing Administration (FHA) programs. These changes address key drivers of foreclosure—unemployment and mortgage balances that are worth more than the property value, also known as underwater mortgages.

March 25, 2010

The foreclosure crisis shows no signs of stopping—in the Chicago region, new filings rose by over 20 percent in 2009. Every foreclosure leaves behind a property that stays vacant for a period of time. Such vacant properties can drain municipal resources, lower property values, and raise crime rates. Since real estate demand remains weak despite record low interest rates and government incentives, it is likely that these vacant homes will remain a burden on neighborhoods—and on lenders’ books—for a significant period of time. Woodstock research has found that lender-owned properties in Chicago take, on average, close to 16 months to be purchased by new owners and are disproportionately concentrated in communities of color.

March 22, 2010

The Home Affordable Modification Program (HAMP) continues to put more homeowners into trial and permanent modifications, but the rate of new trial and permanent modifications is slowing month to month.

March 22, 2010
By Jacquelyn RyanMarch 22, 2010 Justin Kawa is the new face of the depressed real estate market. The young marketing executive's two-bedroom condo in the upscale neighborhood of Lincoln Park, which he put on the market for $359,000 last month, is now offered at $349,000, and he may have to lower...
March 22, 2010
By Katherine Lucas-SmithMarch 22, 2010 “The borrowers werent risky so much as the loans were risky,” said Michael Calhoun, the president of the Center for Responsible Lending in offering a rebuttal to the argument that the foreclosure crisis was the result of government policies that allowed...
March 16, 2010
By Angela Caputo March 16, 2010   Clearly feeling the heat from their constituents, the Chicago City Council Housing Committee called bank officials down to City Hall yesterday to testify about the foreclosure mess. "Our problem is that we could lose our jobs because of you," Ald. Dick Mell (33rd...
February 26, 2010

The low percentage of trial modifications that have become permanent illustrate that the Home Affordable Modification Program, or HAMP, may not be making a long-term dent in foreclosure activity. The Department of the Treasury released its seventh report card on how mortgage lenders are doing modifying loans for eligible homeowners under the government’s Making Home Affordable program (see the first, second, third, fourth, fifth and sixth report cards).

February 4, 2010

New foreclosure filings in the Chicago six county region rose 21 percent from 2008 to 2009 despite federal, state, and local programs designed to curb the foreclosure crisis, says a new Woodstock Institute report. During the fourth quarter of 2009, the region saw 24,053 new foreclosure filings—the highest quarterly number observed since 2005.

Tags: foreclosures
January 29, 2010

The Department of the Treasury released its sixth report card on how mortgage lenders are doing modifying loans for eligible homeowners under the government’s Making Home Affordable program (see the first, second, third, fourth, and fifth report cards).

December 21, 2009

The Department of the Treasury released its fifth report card on how mortgage lenders are doing modifying loans for eligible homeowners under the government’s Making Home Affordable program (see the first, second, third, and fourth report cards).

December 15, 2009

A conference entitled “Mortgage Foreclosure Policy: Past, Present, and Future” brought together leading practitioners and scholars of the foreclosure crisis at the Federal Reserve Bank of Chicago to highlight national and local efforts to combat foreclosures, engage in critical discussion of the causes of and solutions to the crisis, and develop plans to avoid future foreclosure crises.

December 1, 2009

The Department of the Treasury released its fourth report card on how mortgage lenders are doing modifying loans for eligible homeowners under the government’s Making Home Affordable program (see the first, second and third report cards). Eighteen lenders started modifications for less than 20% of their eligible loans, below the national average. Only ten lenders modified more than 20% of their eligible loans. Last month, seventeen lenders modified fewer loans than the national average, while nine lenders modified more loans than the national average.

November 24, 2009

Groups advocating on behalf of Illinois residents threatened by foreclosures recently won two important victories: the approval of a $3 million Cook County budget allocation for foreclosure mediation and the passage of a bill in the Illinois General Assembly empowering municipalities to better address the problem of vacant and foreclosed properties in their communities.

November 18, 2009

The Regional Home Ownership Preservation Initiative, a network of organizations working collaboratively to develop coordinated and robust solutions to the foreclosure crisis, is happy to announce the launch of the Regional HOPI website, www.regionalhopi.org.

Tags: foreclosures
November 16, 2009

The battle for financial services reform is being fought on national and local fronts on issues such as creating a Consumer Financial Protection Agency and ensuring effective local responses to the foreclosure crisis. During its annual Fall Forum, the Illinois Community Investment Coalition brought together some of those on the front lines to reflect on the progress we’ve made so far and outline what’s left to be done.

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