Despite the fact that the Federal Housing Finance Agency, the organization that held mortgages on about 258,000 properties in Chicago, is exempt from the registration requirement, the amendment has resulted in an increase of over 2,100 buildings registered as vacant with the city, most of which are in lower-income neighborhoods and communities of color. Overall, the city’s website lists 18,170 properties as vacant, 85 percent of which are in low- or moderate-income and majority minority census tracts, an indication of the impact of the disinvestment and population loss that have negat
Comparing the Chicago vacant building dataset with HUD/USPS data shows substantial differences in the number of units reported, although those may be largely the result of the differences in the reporting criteria for the two datasets. Despite the differences in reporting criteria, both datasets reflect the effects of decades of disinvestment and population loss that have been concentrated in lower-income neighborhoods and communities of color within the city, the disproportionate impact of the foreclosure crisis in those same neighborhoods, and the failure of those neighborhoods to b
A woman who lives nearby says that people still live there (“squatters’ rights”). After the housing crisis, says the woman (she declined to give her name), “people had no place to go so they moved in wherever they could get.” She points to a bullet hole in the basement window just left of the front door.
“Poor people had nothing and they took all their shit.”
This year, all hell has broken loose in downtown Chicago. Years of under-hiring have resulted in a police force that is unprepared for wildings and gang violence. Moreover, concealed carry in Chicago is illegal, unless one follows the Constitution.
But the recession, which stifled construction all over the city, hit the South Side the hardest, a Tribune analysis of building permit data shows.
Between 2006 and 2013, neighborhoods south of the Stevenson Expressway posted an 84.3 percent decline in the number of building permits for new construction — covering everything from new porches to high-rises. That's much more than the citywide decline of 68.1 percent.
Meanwhile, North Side neighborhoods — those that begin above North Avenue — experienced a decline of only 50.7 percent.
Last year, our advocacy was aided by an outstanding series of articles in Crain’s Chicago Business that looked at the issue from a variety of perspectives.
A fast-track foreclosure process streamlines the foreclosure process in judicial foreclosure states—states in which residential foreclosures must be approved by the Circuit Court. The foreclosure process has a longer timeline for judicial foreclosure states. Illinois foreclosures, for example, took an average of 815 days to complete the process in 2013.
New York Attorney General Eric Schneiderman says he plans to introduce legislation to get banks and mortgagees to better maintain the vacant properties. He wants to double the number of nonprofit land banks that can buy abandoned and foreclosed homes and rehab or demolish them, HousingWire reports.
New York isn’t alone in being haunted by the “zombie property” epidemic. As of mid-2013, 300,000 zombie foreclosures were in neighborhoods across the U.S., according to statistics from RealtyTrac.