Friday
February 5, 2010

Year-end figures released by the Woodstock Institute show that initial foreclosure filings for homes in Chicago increased by 10.2% in 2009. Surprisingly, the largest gains last year were in Lincoln Park – up 103%; Near South Side – up 46%; Near North Side – up 37%.

At the same time, communities that were hit hardest by the first waves of foreclosures – Austin, Hyde Park, Auburn Gresham and Englewood – reported fewer filings than in ’08.

Woodstock Institute senior vice president Geoff Smith told the Chicago Tribune, “In ’06-’08, the main driver was badly written loans. [i.e. the subprime debacle]. As those loans cycle out of the system, the economy hasn’t improved and unemployment is more of a factor.”

Condo owners have been particularly hard hit. Foreclosure filings on condos more than tripled from ’07 – ’09. Compare this to filings on single family homes, which also rose – but by 50% vs. 300%.

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“To Your Success!”
mary!

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