Foreclosures
Foreclosures are at a highpoint while at the same time Chicago has lost rental units. Federal efforts have been to increase support for foreclosure counseling and mitigation. Other proposals are on the table to deal with the actual stock of homes that will be abandoned.
The impact on households, neighborhoods, and city revenues are yet to be fully felt. To read of a CRN proposal to capture the foreclosed homes for affordable uses, click here. A parallel proposal at the national level has been forwarded by the National Reinvestment Coalition.
A Picture of Chicago Foreclosures:
Click on the links below to understand more about actual foreclosures by Chicago neighborhood by month:
The Woodstock Institute's 2007 Foreclosure Report details the impact in the 6-county region.
The Harvard University Joint Center for Housing Studies recently released a report on America's Rental Housing: The Key to a Balanced National Policy - unveiled with support from The John D. and Catherine T. MacArthur Foundation in April 2008.
Pew Trust report on what States are doing to deal with the crisis.
Impacts are disproportionately negative in minority communities. Read Foreclosed: State of the Dream 2008 published by United for a Fair Economy and Paying More for the American Dream, a joint report.
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