News for Foreclosure

Chicago Foreclosures Hit Pre Recession Levels

Chicago Foreclosures

Chicago-Area Foreclosures Hit Pre Recession Levels, But The Housing Crisis Is Far From Over, Chicago’s six-county region recorded 13,916 new foreclosure filings in the first half of 2014, a nearly 38 percent drop from a year ago and the lowest level reached since 2007, according to a report by the Woodstock Institute.

The dramatic dip in foreclosure filings comes after “months of sustained year-over-year declines,” the Woodstock Institute said in an announcement last week of the new data.

In the city of Chicago, a total of 3,950 properties began the foreclosure process during the first half of 2014, a 34.4 percent decrease from a year ago.

Although local foreclosure filings have hit pre-recession levels, Chicago activists working on the ground to help struggling homeowners say many communities, particularly low-wealth and majority minority neighborhoods, continue to grapple with the effects of the housing crisis.

In the city’s Austin neighborhood, for example, “We see more and more homes that are boarded up and abandoned than we have seen in the past,” said West Side organizer Elce Redmond with the South Austin Coalition Community Council. “One week the place is fine. The next week it’s boarded up. I’ve seen a lot of that.”

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