Chicago Has Most Foreclosed Homes Of Any City In America

Chicago News Cooperative:

Although it never shared the notoriety of Miami, Los Angeles and Phoenix during America's foreclosure crisis, the Chicago area now has the nation's largest inventory of foreclosed homes because it is harder to unload troubled properties here than in most other metropolitan areas.

The inventory data compiled by RealtyTrac, a California company that tracks housing sales, place Chicago first among the country's 20 largest metropolitan areas. Real estate experts attribute the high concentration of foreclosures to numerous factors including the strong protections built into Illinois law to protect borrowers, the impact of the "robo-signing" investigation by the Illinois Attorney General, and the reluctance of banks to dump properties at prices far below the value of mortgage loans on their books.

Read the whole story: Chicago News Cooperative

Comments

[icheapmarketing]

03:33 PM on 07/12/2011

Alarming situation!

[littlebrowngirl]

10:11 PM on 07/11/2011

I am shocked.

[Dimplezzz2002]

11:38 AM on 07/11/2011

Surprised Chgo is #1. Many people made huge profits on inflating home prices, lying about income, and charging loan-shark interest rates.

[Alex Moschopoulos]

10:32 PM on 07/10/2011

Ouch.

[knightoftheroundtable]

08:59 PM on 07/10/2011

Thank you GWB for all our current problems.

[Realist1965]

09:27 PM on 07/10/2011

Dems have been running Chicago for quite a long time. Nice try. Thank Madigan, Quinn, Blago, Daley, Stroger and company.

[corwin]

07:21 AM on 07/11/2011

That's kind of a "nonsense meme". It's akin to people in the past who blamed everything wrong on some mysterious ,malignant enemy -say,the Masons,international bankers,the Jews.Then ,one was freed of actually having to reason and deal with reality. In fact it's almost like a Conspiracy Theo-Oh,wait.!
Well, I have too much fun here.It bolsters my ego and certainly allows insight into thought (or lack of) processes.But,seriously,Democratic enclaves are imploding.You continue to blame the Bad Smart people for your problems.Do you have any doubts re your belief systems?

[crookedcountyillinois]

07:12 PM on 07/10/2011

I think it's journalistic malpractice that they didn't mention the 7% "cap" tax at all.

If you have an additional property tax for everyone who's purchased a home in the last ten years, you're just going to have more foreclosures when the people who bought at inflated values are realizing their losses; so they're the last people who should be taxed by dishonest state lawmakers.

[47th]

06:59 PM on 07/10/2011

The Yuppie party is over!

[TaylerWoods]

04:47 PM on 07/10/2011

Hey, keep raising those property taxes, Chicago! That'll help keep you #1 too!

[ejhickey]

12:23 PM on 07/10/2011

another number one for chicago besides having the highest gas prices. who sez we're the Second City?

[Michael5555]

06:01 PM on 07/08/2011

Big O's hometown, nice job ! This says it all.

[mj11051]

04:56 PM on 07/10/2011

Yall blame everything on Obama and the folks who actually caused this mess goes free--insert rolleyes

[corwin]

05:53 PM on 07/10/2011

Quinn? BlaogO.Eddie V? Richard the Younger.Not so.They share the blame.Still,it is disheartening that California has a lower bond rating than Illinois. and even more people leaving the state.
Say,why has the economic 'recovery (chuckle) been so lopsided.? I understand many of the HP readers are busy watching 'Friends" reruns,but I was hoping for a little insight.

[MWA1111]

07:19 AM on 07/11/2011

Obviously you mean all the other Dems that have run Chicago and Crook County over the recent history. Agreed, they should not be free.