Ashley Gross

March 5, 2008 

 

A new report from Woodstock Institute, a housing policy think tank, shows that while foreclosures once affected mostly low-income neighborhoods, they're now common in the whole region. North suburban Cook County had the biggest jump in foreclosures last year at 67 percent. Kane and DuPage counties also had big increases.

Geoff Smith of Woodstock Institute says people with adjustable rate mortgages got caught as the housing market slumped.

SMITH: As property values stagnate or decline, and they are unable to refinance, their best option may be to walk away from the property or go into foreclosure.

Smith says that in the suburbs and in Chicago, minority communities have been hardest hit.

These clippings are provided for "fair use" not-for-profit, educational purposes (and other related purposes). If you wish to use this copyrighted material for purposes of your own that go beyond "fair use," you must obtain permission from the copyright owner. Please contact Woodstock Institute for more information.