Unresolved foreclosure cases pile up in Cook County (Chicago Tribune)

As many as 11,700 residential properties in Cook County, including 5,800 in Chicago, have been in foreclosure for at least three years without resolution, new data show, a situation that could further deteriorate already scarred communities.

Many of those properties that seem to get stuck -- or abandoned -- in the foreclosure process are in lower-income areas where annual household income is $49,000 or less, according to a study by Woodstock Institute.

New rules reforming the mortgage market take effect this week

“The CFPB’s rules promote safe and sustainable homeownership and prohibit some of the worst practices that led to the burst of the housing bubble,” said Dory Rand, president of Woodstock Institute. “We must ensure that the rules are strongly enforced so that mortgage borrowers can be confident that lenders are setting them up to succeed.”

Real Estate Markets in Illinois and Chicago Remain in Crisis (NBC Chicago)

The U.S. Home Equity & Underwater Report for December 2013 showed Illinois was one of the highest states nationwide for residential properties considered deeply underwater, with 32 percent of all properties so designated. Only Nevada (38 percent) and Florida (34 percent) were higher.

Homes considered deeply underwater carry a loan-to-value (LTV) ratio of 125 percent or more. That means that if the homeowner were to sell a property at full value, the purchase price would not cover the full amount of the outstanding loan.

Coming together to address vacant properties: Leaders share successes at RHP conference

With more than 360,000 foreclosures filed in the Chicago region in the past five years, it is clear that the scale of the problem is too large for any one entity to solve on its own. Leaders from across the region came together at a conference hosted by the Regional Housing Partnership (formerly known as the Regional Home Ownership Preservation Initiative) to discuss how they have been working with new and old partners to ensure that communities thrive in the wake of the foreclosure crisis.

Two days, four big names

Written by Dan Fair on September 24, 2013 - 11:11am

The Consumer Financial Protection Bureau’s Steve Antonakes will kick things off at lunch on October 2. Deputy Director Antonakes will talk about how the CFPB is changing the marketplace for consumers and shed light on the CFPB’s upcoming agenda, including prepaid debit cards, mobile banking, payday, and deposit advance products. Many of these products are being regulated at the federal level for the very first time.

The Foreclosure Crisis Is Still Hurting Black Homeowners in Chicago (Chicago Magazine)

The show makes you think about how much the housing status of Chicago’s African-Americans has changed—or hasn't—since that era. 

The TimeLine Theatre Co. production places the audience right inside an over-crowded apartment with roaches under the couch and a shared bathroom in the hall. And a troupe of powerful actors gained praise from the Tribune’s theater reviewer, Chris Jones, for offering up what he described as an “Immersive, intimate, visceral, local, emotional, superbly acted production.” 

Struggling Chicago area homeowners still need help, despite some positive signs

August 16, 2013 - 10:35am
On its face, this sounds like good news, but it’s too soon to break out the champagne. It seems unlikely that the foreclosure crisis over when more than a third of Chicago region homes are underwater and unemployment remains persistently high
There likely are a number of reasons behind the drop in new foreclosures.

New foreclosures drop to lowest levels since start of the housing crisis

CHICAGO—New foreclosure filings in the Chicago six county region dropped by more than a third from the first half of 2012 to the first half of 2013, new data from Woodstock Institute show. Completed foreclosure auctions continue at a persistently high rate, however, contributing to the region’s vacant property inventory.



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