Foreclosure filings increased by exactly one percent in the city of
Chicago between the first six months of 2011 and first half of 2012,
according to data
compiled by the Woodstock Institute. But the jump in foreclosures was
more dramatic in a handful of struggling, mostly black neighborhoods on
the South Side.
Filings in West Pullman were up 58.7 percent from
155 to 246 in the first half of this year compared to 2011. The number
of foreclosures jumped in Englewood 24.1 percent from 141 to 175 and
climbed in Calumet Heights 54 percent from 50 to 77.
A San Francisco-based firm spent the morning trying to sell the Chicago
City Council on the idea that they can use eminent domain to seize
properties in danger of falling into foreclosure. The firm argued that the use of eminent domain, which occurs when government acquires private property in the name of the greater good, could lead to the public benefit of fewer foreclosures. Representatives from Mortgage Resolution Partners LLC had the ear of Ald. Ed Burke (14th), chairman of the City Council Finance Committee, and the backing of Ald. Ray Suarez (31st), head of the Housing and Real Estate Committee.
But the effort was perhaps futile as Chicago Mayor Rahm Emanuel indicated at a press conference today that he opposes the plan.
According to the Chicago Tribune, Emanuel said that he did not think eminent domain was the “right instrument” to combat foreclosures.
Completed foreclosure auctions more than doubled
in the Chicago six-county region from the first half of 2011 to the
first half of 2012, according to data put together by Chicago's
Homeowners and tenants frustrated by the impending threat of
foreclosure called on county leaders to put in place a one
year-stay on evictions.
Cook County Board President Toni
Preckwinkle along with Cook County Sheriff Thomas Dart met with a crowd
of more than 100 residents at a community meeting held Thursday on the city's
near West Side. Organizers said the event was intended to give
individuals the opportunity to tell officials their own experiences
with facing the threat of losing their homes, and to explain how
delaying the eviction process could provide some with much-needed —
albeit temporary — relief.
Housing advocates in Chicago and across the country have begun to
channel their frustration with the sprawling foreclosure crisis toward
one man: Ed DeMarco (pictured), acting director of the Federal Housing Finance
The National Community Reinvestment Coalition (NCRC), which includes several Chicago groups, fired off a letter
yesterday to President Barack Obama demanding that he make a
recess appointment for a new FHFA director. Meanwhile, the Chicago area
foreclosure rate is on the rise.
A racial divide continues to perpetuate among those seeking a
mortgage loan, according to a new study. The report alleges that
mortgage lenders have steered more black and Latino borrowers towards
government-backed home loans by limiting their access to more
The Cook County Board passed a resolution today setting up a committee that has 60 days to devise a model for a county
land bank, an ambitious proposal that board President Toni Preckwinkle called a “critical tool to help combat the foreclosure crisis and eradicate blight in our communities.”
As we have reported, a land bank is a quasi-governmental organization intended to seize
and manage properties until they can be put into productive use.
A plan to demolish abandoned buildings in high-crime areas used for illegal activity in Chicago has not been well received by housing advocates. They say area residents may not wind up the big winners once the plan gets executed.