The foreclosure crisis impacted the Chicago suburbs as well as the city center, but many municipalities lacked the resources and infrastructure to respond effectively to the crisis. While many funding opportunities arose to address the negative effects of foreclosures, smaller municipalities historically had trouble accessing federal funds in the face of competition from major cities that had the resources to find and apply for grants and comply with their requirements.
Kramer made his first appearance Thursday before a county board committee in more than two months. It was a gesture toward burying the hatchet of blame associated with losing a $2.5 million contract earlier this year to house federal prisoners. The board's judicial and public safety committee kept Kramer's interrogation to a minimum while waiting for the results of a joint number-crunching session between Kramer's finance director and the county's overall finance director Thursday afternoon.
Volunteers from the Oak Park branch of U.S. Bank and union contractors who donated their time painted the walls of Woods’ home and made plumbing repairs.
Woods said he’s grateful Rebuilding Together Metro Chicago chose his home for its annual National Rebuilding Day.
Another Austin resident, 73-year-old Lillian Sanders, told the Chicago Tribune she felt “very, very good” as volunteers painted her bungalow, made other home repairs to the home and planted tulips in the backyard.
The volunteers were just as happy to do the work.
In 2014, the West Dundee-based firm's bank-owned property listings numbered 390, compared with 750 the previous year. Prices are up as a result of lower inventory, interest by smaller investors and the general housing market's lift.
"We expect the flow of properties coming in to continue its downward trend," said Doug Kowalewski, Tannis' business manager.
The housing market is slowly headed back to normal, based on year-end national and local housing industry reports.
From January to June of this year, the Chicago area saw the lowest level of new foreclosure filings since 2007, according to recent data released by the Woodstock Institute, a research and policy organization that specializes in fair lending, wealth creation and financial systems reform. Foreclosure filings in the six-region Chicago decreased 40 percent from the first half of 2013 to the first half of 2014 while Kane County foreclosure filings dropped 43.6 percent.
Here is a look at how local communities fared when it came to new foreclosure filings:
That’s what a 45-year-old West Side woman found this past winter – and she’s been struggling ever since to get answers.
The mother of three said she had no idea what to do when she learned the place she was renting to own was being foreclosed.
“I’m sitting there with family members, and we find this out and we try to call anyone that could help us,” said the woman, who did not want to be identified because she fears getting kicked out of her home.
Those are just a few reasons why a recent report by the Woodstock Institute showing that new foreclosure filings in Maywood and other western suburbs are down significantly from this point last year may be such welcome news for local property owners. During the first half of 2013, there were 110 new foreclosures filed in Maywood, compared to 65 during the first half of this year — a 41 percent difference. In West Suburban Cook County, the year-to-year difference was about 39 percent.
The dramatic dip in foreclosure filings comes after "months of sustained year-over-year declines," the Woodstock Institute said in an announcement last week of the new data.
In the city of Chicago, a total of 3,950 properties began the foreclosure process during the first half of 2014, a 34.4 percent decrease from a year ago.
The data from The Woodstock Institute, a suburban financial nonprofit research and policy organization, shows foreclosure filings — the first step in the foreclosure process — went down 37.7 percent year over year in the six-county Chicago region.
Final foreclosure auctions in the area also declined by 16.7 percent.