“In New York State, it would take lenders 62 years at their current pace, the longest time frame in the nation, to repossess the 213,000 houses now in severe default or foreclosure, according to calculations by LPS Applied Analytics, a prominent real estate data firm.

Clearing the pipeline in New Jersey, which like New York handles foreclosures through the courts, would take 49 years. In Florida, Massachusetts and Illinois, it would take a decade.”--Backlog of Cases Gives a Reprieve on Foreclosures (David Streitfeld, New York Times)

It’s clear that vacant homes put a damper on their surrounding community. Not only are they eyesores, they put other homes at risk of losing value and may attract crime and other destabilizing elements. To minimize these risks, many municipalities have ordinances that allow them to hold the homes’ owners responsible for securing and maintaining the property. What can already-strapped local governments do if it’s unclear who the owner is, or the owner hasn’t notified them that the property is vacant?

Representatives from leading policy and community development organizations met with Senator Dick Durbin on Thursday, February 24 in the Roseland neighborhood to examine ways to stop the scourge of vacant homes on Chicago area communities.

On a cold Monday morning under a persistent snowfall, strains of holiday carols could be heard outside of a Chicago payday loan store. These were not your usual carols celebrating sleigh rides, mistletoe, and peace on Earth; indeed, these carols had a less cheery message.

At last, consumers who seek debt relief through debt settlement companies will be protected from deceptive and predatory practices that often leave consumers worse off than they were before. Gov. Pat Quinn signed the Debt Settlement Consumer Protection Act (HB 4781) on August 3, ending some of the worst debt settlement industry abuses in Illinois.

A housing counseling agency that’s so swamped with demand for foreclosure prevention counseling that its executive director personally handles clients. Stalled real estate markets where buyers are waiting for prices to drop even further, and buyers who do want to buy now are struggling to obtain financing. Scam artists who take off with troubled homeowners’ last dollars while promising to save their homes. These are some of the challenges that face those who are trying to combat the effects of foreclosure in the Chicago region’s neighborhoods.