I have a Google news search alert set up for "Chicago foreclosure." Some weeks, there's not too much in the news. Others, I find some interesting articles. This week, there were many articles, almost too many to spend time blogging about all of them.
After the jump, I share some of the most interesting links.
Area Foreclosures Up, Or Are They?
The Chicago Sun Times reported that foreclosure filings are up in the Chicago metropolitan area. However, Gary Lucido, a blogger at Chicago Now takes a different look at the numbers. When viewed in the longer-term, the 11% increase in filings during June leaves the market at a lower point than when filings spiked in October 2009. He also reports some interesting numbers from RealtyTrac that indicate the majority of the foreclosures in Chicago are on homes worth $200,000 or less.
Yahoo News is reporting that lenders are currently on track to file one million foreclosures nationwide in 2010.
More Community Groups Receive Grants For Foreclosure Outreach
The Evanston Review reports that several North Side community groups have received grants to fund outreach efforts. These outreach programs are designed to get more Cook County residents in touch with the Cook County Mortgage Foreclosure Mediation Program. Hopefully, these programs can get more people in touch with assistance that may help save their homes.
Police Blotter
News of the strange: On Friday July 16, a man crashed his car into the PNC bank branch in Lockport, IL. He proceeded to detonate some fireworks in his car, which shattered some of the bank's windows. It is reported that he was facing foreclosure as well as auto repossession.
HAMP for Second Mortgages
Four lenders are now participating in a version of the HAMP program meant to modify second mortgages. Up to this point, borrowers with two mortgages had a tough time working out loss mitigation for both of their loans. This program may help some, although only two of the four participating banks are operationally ready, and four others have not agreed to participate in the program.
Banks Keep High-End Foreclosures Off The Market
This may not come as a surprise to some people. Banks have been keeping high-value properties off the market. This article looks at Chicago, IL and several other areas where there are a significant number of foreclosed properties in inventory. Interestingly enough, the most likely reason they are keeping these homes off the market is an attempt to re-sell them when values have increased.
And there you have it. All the links that were fit to copy/paste.
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