foreclosure auctions: Zombies In Chicago
- 01/31/14 03:39 AM
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 … (0 comments)
foreclosure auctions: Chicago sees a burst of foreclosure activity in the auctions
- 05/24/13 08:56 AM
April was one the busiest months Cook County has seen in Foreclosure activity since August of 2010. A whopping 3000 residential units came through the auctions just last month. When compared to the 1500 in March and the 1800 from a year ago, that tells us one thing. There is STILL a lot inventory out there. Of course not all properties scheduled to go to a foreclosure auction actually make it all the way the through, but this surge of activity is movement in the right direction to stabilize Chicago’s real estate market. "For Illinois as a whole, we've now seen … (0 comments)
foreclosure auctions: The Golden Years Are Turning Into The Foreclosure Years
- 07/30/12 10:41 PM
The hope for a rejuvenated housing industry lies with aspiring, ambitious young adults looking to take their next step into life; to start a family, to finally break off from their parents, and above all, to buy their first home. However, in the flurry of short sales, foreclosure auctions, distressed sales and new home construction, a class of Americans is stumbling and falling towards financial ruin. According to the Joint Center for Housing Studies at Harvard University, 63% of people in their late 50s and early 60s have mortgage and home-equity debt. 1.5 million people have already lost their homes to … (1 comments)
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.”
;)
;)
