judicial foreclosure: 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)
judicial foreclosure: Housing Market Going For Gold?
- 08/11/12 03:08 AM
Unless you have only had your TV and newspaper focused on the Olympics, you have probably heard or read that the arrival of the long awaited housing recovery might be happening. The latest housing data released by S&P Dow Jones Indices, Case-Schiller, indicate that the long awaited housing recovery could finally be here. Summarizing the data through May 2012, home prices had increased 2.2% in the month for both the 10- and 20- City Composites. Compared to a year ago, home prices fell by 1.0% for the 10-City Composite and 0.7% for the 20-City Composite. The annual returns … (0 comments)
In June 2012, Corelogic reported that the number of completed foreclosures dropped to 60,000, a 24% decrease from the 80,000 seen last June.
Along the way, America’s foreclosure inventory dropped to 1.4 million from 1.5 million a year ago. Seemingly good news, right? Yet, for the housing industry to take a true step forward to recovery, foreclosures need to markedly decline and ultimately become a pitstop on the roadtrip, not the detour that they are now in the home buying process in this real estate market. So, if the foreclosures are … (2 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.”
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