The number of foreclosures in the Chicago area in 2008 is expected to rise nearly 40 percent to more than 53,000, a housing industry research group said Thursday.
Geoff Smith, vice president of Woodstock Institute, made the prediction at an Illinois Community Investment Coalition event held at the Federal Reserve Bank of Chicago.
He said the number of foreclosures in the six-county region -- Cook, DuPage, Kane, Lake, McHenry and Will -- is expected to rise from 38,215 in 2007 to more than 53,000 in 2008.
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