The city of Chicago lost more than $3.1 billion in wealth, or about
$2,900 per household, in 2012 as a result of the foreclosure crisis,
according to a new report from the Alliance for a Just Society.
And more than $192 billion in homeowner wealth was lost nationally last year, the new analysis shows.
Communities of color in Chicago saw more foreclosures and lost wealth per household compared to other communities.
In
2012, the average Chicago household in zip codes with the highest
concentration of people of color lost $3,700 in wealth, the “Wasted Wealth” (PDF) report found.
In comparison, the average wealth lost in segregated white communities was about $1,300 per household.
“Seeing
this loss of wealth per household is profound," said the Rev. Marilyn Pagán-Banks, president of IIRON, which also worked on the release of the report. "People of color in
Chicago, whose majority equity holdings remain in real estate, have been
particularly affected by the crisis.”
Demonstrators gathered outside of several downtown financial institutions this week to launch a social media campaign highlighting the fact that while the financial crisis might be over, many are still at risk of eviction from their homes.
Thousands of Chicago-area residents are eligible for, but have not taken advantage of, the federal Home Affordable Refinance Program, or 
Two local groups have voiced their displeasure with U.S. Sen. Mark Kirk's (R-IL) votes on the nominations of Mel Watt for the head of the Federal Housing Finance Agency (FHFA) and Gina McCarthy for the job of administrator of the U.S. Environmental Protection Agency.