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Foreclosure Research DocumentsDate added
Struggling to Stay Afloat: Negative Equity in Communities of Color in the Chicago Six County Region
03/22/2012
by Spencer Cowan and Katie Buitrago The following analysis examines patterns of negative equity in communities of different racial and ethnic compositions in the Chicago six county region. It combines 2011 data on negative equity in Chicago region ZIP codes with U.S. Census data on the racial/ethnic composition of ZIP Code Tabulation Areas (ZCTA). It finds that negative equity is disproportionately concentrated in the Chicago region’s African American, Latino, and majority minority neighborhoods, and that borrowers in communities of color have much lower equity than do borrowers in predominantly white communities. This report concludes with recommendations to reduce the impact of declining property values and the number of homeowners with negative equity, including broader use of principal reduction loan modifications and short sales. press release | fact sheet | audio briefing (mp3)
Government Interventions Have a Limited Impact on Chicago Area Foreclosure Activity in 2009
02/03/2010
Geoff Smith and Sarah Duda This report summarizes key foreclosure trends in the Chicago region for 2009 and updates Woodstock Institute reports and fact sheets released previously that illustrated key aspects of the foreclosure crisis, such as the spread of the crisis to suburban communities, the growing number of condominium foreclosures in Chicago, and the accumulated impact of the crisis on lower-income communities. The report includes detailed appendices with data for City of Chicago community areas and municipalities in the Chicago Six County Area, as well as DeKalb, Winnebago, and Kendall County. 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 high foreclosure levels. 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. 
There Goes the Neighborhood: The Effect of Single-Family Mortgage Foreclosures on Property Values
06/14/2005
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 began in the 1990s was primarily driven by the growth of high-risk, conventional subprime lending. Dan Immergluck, Grand Valley State University 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. 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. 
Two Steps Back: The Dual Mortgage Market, Predatory Lending and the Undoing of Community Development
11/15/1999
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 critical issue for those working to promote community reinvestment and development. |
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