Chicago Sun-Times: Foreclosures moving into once trendy neighborhoods

[marmar]

October 21, 2010
BY DAVID ROEDER Business Reporter


The plague of foreclosures, which started in the lowest income communities, is moving up the demographic scale in the Chicago area.

A report by the Woodstock Institute shows that so far in 2010, new foreclosures are increasing fastest in formerly trendy neighborhoods in and near downtown. The numbers also are rising more quickly in the suburbs and the collar counties than in the city itself.

Woodstock found that city neighborhoods with the greatest increases in foreclosures were the Loop, 76.7 percent; the Near South Side, 70.1 percent; and the Near West Side, 63.7 percent. The results are for the first nine months of 2010, compared with the same period last year.

While foreclosures throughout Chicago were up 14 percent for the period, the gains were 49.7 percent in northwest Cook County, 49.2 percent in McHenry County and 44.4 percent in southwest Cook County.

Woodstock Senior Vice President Geoff Smith said a furor over documentation of foreclosures may cause more homes to remain vacant for longer periods, contributing to neighborhood decline. Some banks have declared moratoriums on new foreclosures and have chosen not to sell or list vacant properties they already own while they review procedures. ...........(more)

The complete piece is at: http://www.suntimes.com/business/roeder/2823098,woodstock-foreclosure-chicago-102110.article

[lib2DaBone]

1. As long as our leaders fail to stand up to the bankers....

.. they will suck the life out of every living thing in the United States.