Cautious optimism for 2013

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Woodstock Developments

A monthly update on new research, analysis, and advocacy from Woodstock Institute

February 13, 2013

 


From the President: Cautious optimism for 2013

Dory RandAs we experience wild swings in the weather from bitter cold to unseasonably warm in some parts of the country, we are finally seeing some calming trends in the housing and financial sectors. Unfortunately, we are likely to continue to see many more foreclosures and possibly several more discoveries of, or settlements regarding, abuses that led to the financial crisis, before we can claim that the worst is really behind us.

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Completed foreclosures skyrocket from 2011 to 2012, new data show

Foreclosure MapA new Woodstock report shows that completed foreclosures in the Chicago area increased nearly 74 percent from 2011 to 2012, representing the largest single-year increase since the foreclosure crisis began. While the number of completed foreclosures may have dipped during the robosigning scandal, they've picked up again now that a settlement has been reached. 

The report also shows that while foreclosure filings remained steady, they continued to be increasingly concentrated in communities of color.

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Related: New mortgage servicing rules from CFPB enact important protections for homeowners

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Victory for Chicago area communities: Land Bank passes Cook County Board

Rand TestimonyThe commissioners of the Cook County Board unanimously approved an ordinance establishing the Cook County Land Bank at a January 16 hearing. Land banks are a proven redevelopment tool that work by acquiring, developing, and transferring vacant and distressed properties.

Woodstock President Dory Rand testified in support of the land bank at the hearing, saying it would "
help attract responsible investors to hard-hit areas, ensure that economic recovery supports community priorities, and make neighborhoods impacted by foreclosures more attractive and secure places to live.”

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Related: New CFPB rules crack down on irresponsible mortgage lending

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Ordinance to limit growth of payday lending passes City Council committee

Payday Loans SignMembers of Chicago’s Zoning, Landmarks and Building Standards committee recently passed an ordinance limiting the proliferation of alternative financial services like payday and title lenders and pawn shops. The ordinance, introduced by Mayor Emanuel, Alderman Solis, and Alderman Mitts, requires that any new payday or title-secured lending store must be at least 1,000 feet (roughly 1.5 city blocks) from another payday lending or title-secured lending store. New pawnshops will also be required to be a minimum of 1,000 feet from any existing pawnshop.

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Related: Senators introduce SAFE Lending Act to protect consumers

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New at Regional HOPI: Single family rental housing forum

Alan MallachOn January 30, 2013, Regional HOPI, HOPI, and the CMAP Housing Committee co-hosted a forum on single family rental housing. The keynote speaker was Alan Mallach (photo courtesy of the Metropolitan Planning Council) of the Brookings Institution and Center for Community Progress, who gave a national overview of single family rental housing trends. Woodstock Institute Dory Rand also presented on vacancy and foreclosure trends in the Chicago region.

Presentations from the forum and a new white paper from the Metropolitan Planning Council are available on the RHOPI website.

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In this issue

  Recent Work

File IconSecond Half 2012 Foreclosure Filings and Auctions
February 2013

File IconComing Up Short: The Scope of Retirement Insecurity in Illinois
September 2012

File IconFirst Half 2012 Foreclosure Filings and Auctions
August 2012

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Woodstock in the News

Chicago Tribune
Surge in foreclosure auctions shows Chicago-area market's pain


"There's going to be pain in the housing market in the short term," said Katie Buitrago, senior policy and communications associate at Woodstock. "There's still high levels of filings. Five years into it, there is still work to be done to help people save their homes."


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