Foreclosure Research

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

November 3, 2009

New foreclosure filings in the Chicago metro area have returned to first-quarter 2009 levels after a slowdown in the second quarter, says the latest Woodstock Institute analysis of regional foreclosure activity. This sharp increase likely reflects federal and state interventions that delayed new filings in the second quarter until the third quarter.

Tags: foreclosures
October 20, 2009

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

October 12, 2009

President Obama’s Home Affordable Modification Plan (HAMP) is slowly reaching troubled homeowners—almost 500,000 borrowers have been offered trial loan modifications as of September 30. But, according to a new report from the Congressional Oversight Panel (COP) charged with evaluating foreclosure prevention, one in eight mortgages are currently in foreclosure or default and 250,000 foreclosures are initiated each month.

October 5, 2009

Mortgage loan modifications, like those under the Home Affordable Modification Program (HAMP), that reduce monthly payments are more likely to be sustainable in the long term than earlier modifications, according to the latest Mortgage Metrics Report from the OCC and OTS.

September 29, 2009

Vacant, lender-owned properties are concentrated in African American communities, go unsold longer, and incur greater losses to the lender, says a new report from Woodstock Institute entitled Roadblock to Recovery:  Examining the Disparate Impacts of Vacant Lender-Owned Properties in Chicago. 

September 18, 2009

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

August 13, 2009

New laws giving homeowners more time and resources to get help on their mortgage payments may be slowing the rate of foreclosure filings in the Chicago area, according to the latest Woodstock Institute analysis of Chicago region foreclosure filings.

August 11, 2009

The Department of the Treasury recently released its first report card on how mortgage lenders are doing modifying loans for eligible homeowners under the government’s Making Home Affordable program. Thirteen lenders, as well as 2,300 participants with Fannie Mae- and Freddie Mac-insured loans, started modifications for less than the national average of 9% of eligible loans, while only seven lenders modified more than 9% of their eligible loans.

July 6, 2009

Housing counselors are struggling to keep up with strong demand for foreclosure prevention services, while some communities lack counseling resources all together, according to a new report by Housing Action Illinois, a counseling advocate, and Woodstock Institute.

March 3, 2008
Geoff Smith Foreclosures spiked in the last quarter of 2007 nearly every community in the Chicago region, based on forecosure filings analyzed by Woodstock Institute. This report also found that foreclosure filings have increased in suburban areas that have not traditionally been associated with...
March 26, 2007
Geoff Smith    An analysis by Woodstock Institute of Chicago area foreclosures show that foreclosure filings in the region grew at an alarming rate in 2006 and have reached their highest point in recent memory.
June 14, 2005
Daniel Immergluck and Geoff Smith This report shows that foreclosures have a significant negative effect on neighborhood property values. Although foreclosures have long been considered a problem associated with FHA loan programs, recent research has shown that the explosion in foreclosures that...
April 7, 2005
Dan Immergluck, Grand Valley State University Geoff Smith, Woodstock Institute Examines the impact of foreclosures of single-family mortgages – both conventional and government guaranteed – on levels of violent and property crime at the neighborhood level.
March 9, 2004
Dan Immergluck and Geoff Smith Illustrates the quantitative relationship between the level of subprime lending in a neighborhood and foreclosure levels in a subsequent period, while controlling for changes in economic and demographic characteristics that might also effect foreclosure rates.
November 15, 1999
Daniel Immergluck and Marti Wiles This report analyzes home refinance lending in the Chicago area and documents the extreme segmentation of mortgage markets by race and neighborhood. In the last few years, mortgage lending abuses - often called predatory lending - have become an increasingly...

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