Foreclosures up 8%, Chicago, LaGrange, Hinsdale, DuPage County
This is the newest report out from the Chicago Tribune. SO once again, the government needs to get out of this and let us do our jobs and hit the true botom of this market. We are not even there yet and the government is in the way, and has NOT given the people a solution to this mess.
From the Chicago Tribune:
In January, nearly 6,000 Illinois homes became classified as real-estate owned, or bank-owned. That compares with 2,641 in January 2009. In February, it was nearly 5,000 properties, compared with nearly 3,000 homes in the same month a year ago. Last month, it was another 4,424 properties, compared with about 3,300 homes in March 2009.
HAMP, detailed a year ago, was implemented to slow foreclosures. In the Chicago area in March, 39,914 homeowners were in active trial modifications and another 11,333 homeowners had received permanently modified loans since the program’s start, according to Wednesday’s Treasury report. But although the number of homeowners whose trial plans were made permanent increased 40 percent in a month’s time, the number of consumers was down from 43,215 in February. A drop in active trial modifications was expected nationally. Beginning June 1, the government said consumers applying for a trial modification would have to provide full documentation of their income, but many lenders began applying that requirement in March.
Illinois bank-owned foreclosures double in first quarter [Chicago Tribune, Mary Ellen Podmolik, Apr 15, 2010]
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