Prior to this years crisis in the mortgage market across the U.S., one might think that high numbers of foreclosures would be limited to the poorest neighborhoods in a major city.  Statistics are proving this assumption wrong, however, in the City of Chicago, in 2007.

In today's Chicago Sun-Times, a front-page story written by reporter Art Golab identified the one Chicago neighborhood with the highest percentage increase in foreclosure volume, First Half, 2006 to First Half, 2007.  That in-city neighborhood - Portage Park, known for its clean, quiet streets,green lawns, mature trees, and Chicago-style brick bungalows.  At total of 94 properties were foreclosed upon in the Chicago Neighborhood of Portage Park during the first half of 2007, versus 32 during the same period in 2006 - an increase of 193.8%!

Other prosperous Chicago neighborhoods, including famous Lincoln Park, Lincoln Square, and Irving Park, also had triple-digit increases in home foreclosure volume this year.

Several of the poorest neighborhoods in Chicago, including West Englewood, on Chicago's South Side, had the highest rate of foreclosure per square mile - 111.2, or roughly one foreclosed home for each block in the neighborhood.  The year-to-year increase in foreclosure volume in West Englewood, however, was 58.2%.

Overall, the number of foreclosures in the City of Chicago increased 40% between 2006 and 2007. 

Please view our posting today, as well as a link to the neighborhood-by-neighborhood breakout on foreclosures in Chicago, on BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO