The national average, at 13.3 percent, isn’t all the way back to normal, but it would sound awfully good to places like Tampa, Cleveland, Las Vegas — or Chicago, where almost a quarter of mortgages are still underwater.
Ironically, one culprit may be state and local homeowner protections that make it harder for banks to foreclose, according to Daren Blomquist, vice president for Realty Trac.
A new report by the Woodstock Institute found that women in the Chicago area are more likely to be turned down for mortgages than men.
The study looked at data from more than 211,000 applicants for home purchase loans in the six counties around Chicago, including Cook, and found that female applicants were 14.5 percent less-likely to have their loan application approved. And a woman whose name was first on a joint application was 28.3 percent less-likely to receive a loan than a man applying alone.
The selected areas all have a concentrated supply of what the Woodstock Institute — a Chicago-based research and financial advocacy organization — calls "zombie properties." Those are properties in which a foreclosure case "has been filed but not resolved for more than three years."
CFPB Credit CARD Act Public Hearing
Featuring Director Richard Cordray
Wednesday, October 2, 11am
Winter Garden, Harold Washington Library
400 S State St.
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