Foreclosure Research

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

March 26, 2013
In the sharpest criticism he's received since returning to work, a Chicago civic and research group is ripping U.S. Sen. Mark Kirk, R-Ill., over his opposition to President Barack Obama's pick to head the Consumer Financial Protection Bureau. “There's no two ways around it: A vote against (Richard...
March 16, 2013
Are you STILL capable of being surprised by structural inequality, including but not limited to women and minorities’ inability to take advantage of various financial opportunities? Eh, us neither, we are used to it by now, but just in case we accidentally become inoculated, let us learn about the...
March 14, 2013
It's no secret to anyone that lending has been tight after the bubble popped. But it turns out the impact of that problem hasn't been felt equally. A new fact sheet from the Woodstock Institute reports that women are having a harder time getting home loans than men and that the picture is even...
March 13, 2013
Female mortgage applicants are less likely to have their loans approved than their male counterparts, according to a new report by the Woodstock Institute, prompting researchers to call for further investigation into gender discrimination in lending practices. After studying 2010 Home Mortgage...
March 13, 2013
All right, people are buying new houses and bidding on old ones, housing prices are up and everybody can start pursuing the American dream again. Just not you, ladies. Lenders will tell you when it's your turn. A new study by Chicago nonprofit The Woodstock Institute found that women who applied...
March 13, 2013
If you’re a black woman looking for to refinance your home, the forces of discrimination are working against you. If you’re a white man, you’ll probably have an easier go of it. According to a new study from the Woodstock Institute, banks discriminate on the basis of both gender and race when they...
March 13, 2013
Female mortgage applicants are significantly less likely to be approved than comparable male applicants, according to a new study of Chicago-area loan data. The study found that not only were female applicants less likely to be approved than male applicants with similar loan-to-income ratios, but...
March 13, 2013
The story of Urban Partnership Bank is unconventional, to say the least. The upstart bank was in essence born out of the rubble of a failed business, after its South Side predecessor -- ShoreBank, known for its willingness to lend to less-than-prosperous borrowers that most banks turned their backs...
March 12, 2013
Co-borrowers may want to rethink whose name goes first on a mortgage application. Early findings from a study under way at the Woodstock Institute found that in the six-county Chicago area, joint applications for home purchases and refinancings were much more likely to be approved if a man was...
March 12, 2013
In an era when buyers of all backgrounds have found buying or refinancing a home difficult, women have had a particularly tough time, a new study by a Chicago nonprofit found. Chicago women who applied for a new home mortgage in 2010 were 24 percent less likely to obtain a loan than men, the study...
March 12, 2013
A new study suggests joint mortgage applications are more likely to be approved if a man is listed first on the application, according to the Chicago Tribune. The Woodstock Institute, a housing policy group, conducted the study by analyzing 2010 Home Mortgage Disclosure Act fair lending data...
March 12, 2013
Early results of a gender-bias study in the Chicago area involving mortgage lending show troubling patterns, the researchers said. The Woodstock Institute has studied about 257,000 mortgage and refinancing applications from a six county area around Chicago from 2010 and intend to study four...
March 12, 2013
Early results of a gender-bias study in the Chicago area involving mortgage lending show troubling patterns, the researchers said. The Woodstock Institute has studied about 257,000 mortgage and refinancing applications from a six county area around Chicago from 2010 and intend to study four...
February 22, 2013
February 22, 2013 The foreclosure crisis left many communities with a dilemma: Vacant homes are accumulating quickly at the same time as fewer and fewer people can qualify for mortgages to buy those homes. What can be done with the growing inventory of vacant, abandoned homes? One solution...
February 15, 2013
CITY HALL — Despite the support of an overwhelming majority of the City Council, an ordinance to "Keep Chicago Renting" in foreclosed properties has stalled in committee. "We deserve a hearing," Ald. Proco "Joe" Moreno (1st) said this week. "Our patience is coming to an end," he said. "Action...
February 15, 2013
Vacant foreclosed properties dot the map of Chicago and its surrounding suburbs. So think of the new Cook County land bank as housing’s Georges Seurat; it’s trying to arrange all those individual dots into something new and better (much as the pointillist painter did with A Sunday on La Grand Jatte...
February 15, 2013
By Mary Ellen Podmolik February 14, 2013 Almost 3,800 homes in the six-county Chicago area went into foreclosure last month, a 10 percent increase from December but down dramatically from a year ago.The 3,778 homes in Cook, DuPage, Kane, Kendall, Lake and Will counties that received default...
February 13, 2013
By Bob Uphues February 12, 2013 After experiencing a sharp increase in foreclosure filings during the first half of 2012, Riverside and Brookfield ended the year with the number of foreclosures slowing considerably. Through June 30, Riverside was socked with 38 foreclosure filings, which...
February 12, 2013
By Kevin Wack February 11, 2013 The release of a long-awaited federal rule on housing discrimination is bad news for bankers who fear being targeted in fair-lending suits, according to lawyers who represent the defendants in those cases. The 83-page rule, which was issued Friday by the Department...
February 12, 2013
February 6, 2013 CHICAGO—The Chicago region saw the highest year-over-year growth in completed foreclosure auctions since the beginning of the foreclosure crisis, new 2012 data from Woodstock Institute show. Foreclosure auctions, which signal the completion of the foreclosure process, grew by...
February 12, 2013
By Dory Rand February 8, 2013 New data from the Woodstock Institute show that completed foreclosure auctions in the Chicago area jumped to the highest level since the foreclosure crisis began in 2006. The newly released fact sheet shows that completed auctions jumped 73.8 percent, from 20,281 in...
February 12, 2013
By Ashlee Rezin February 7, 2013 Chicago has not reached the other side of the foreclosure crisis, a new report from the Woodstock Institute has revealed. But with new ordinances like the Cook County Land Bank Authority, the Windy City may be headed in the right direction. Last year, Chicago’s six...
February 7, 2013
By Cal Skinner McHenry County Blog   The Woodstock Institute, based in Chicago, has analyzed mortgage foreclosures and foreclosure auctions in the metropolitan area and released the results. The number of real estate auctions in McHenry County doubled.  Most–90%–were purchased by the lender. The...
February 6, 2013
By Mary Ellen Podmolik February 6, 2013   More than 35,000 homes and small multifamily buildings in the Chicago area completed the foreclosure process last year, the highest number since the housing crisis began, and the vast majority of them became bank-owned. An increase in foreclosure auctions...
January 16, 2013
Testimony of Dory Rand before the Finance Committee of the Cook County Board of Commissioners in support of the Cook County Land Bank Authority. Woodstock Institute research shows that distressed, vacant properties are significantly more likely to be concentrated in communities of color and...
November 16, 2012
Presentation for the 2012 Illinois Asset Building Group Conference. Spencer Cowan presented on foreclosures in the Chicago region, the impacts of negative equity, inherent risks of mortgage finance, and disparate impact on communities of color.
October 23, 2012
Testimony of Spencer Cowan before the Illinois Residential Mortgage Board Public Hearing on housing trends in the Chicago region, particularly the disparate housing recovery in low-wealth communities in communities of color.
October 9, 2012
By Dawn Turner Trice October 7, 2012   Generations of Valerie Magee's family, from her grandparents to her children, have deepened their roots in the black middle class, finding a pathway to prosperity through college education and the support of family members.   But as Magee, 56, watches college...
September 20, 2012
Presentation for the 2012 CFED National Conference. Spencer Cowan presented on foreclosures in the Chicago region, the impacts of negative equity, inherent risks of mortgage finance, and disparate impact on communities of color.
August 22, 2012
By Anna Lothson August 22, 2012     Foreclosure filings in Oak Park are holding steady compared with last year's numbers, but the number of auctions, i.e. homes sold in foreclosure, have more than doubled in a year's time, according to village data.   Tammie Grossman, housing program manager for...

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