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Zombies In Chicago
The Woodstock Institute, a nonprofit research and policy organization located in Chicago, recently did a study of unresolved foreclosures in Cook County from 2008 to 2012.  They call these cases “zombie properties.”
The Woodstock Institute defines a zombie property as a property that has been in foreclosure for more than 3 years and still unresolved.  This can be due to the fact that neither borrower nor servicer has clear control of the property, or neither has the incentive to assume responsibility of the property.
“You're stuck in this situation where nobody really has a long-term interest in the property. The titleholder knows it may be taken at any time. The servicer doesn't own it and may never own it. They may release the lien or just let it sit,” said Spencer Cowan, vice president of Woodstock Institute.
Coincidentally their findings uncovered that the majority of unresolved cases were in communities with an average household income less than $49,000/yr and were grouped together, which is holding those neighborhoods back from recovery.
Cowan added, “Zombie properties will make it harder for Cook County to recover fully from the housing crisis, especially in the neighborhoods where they are concentrated.  Zombies introduce an element ... more

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