woodstock institute: 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)
woodstock institute: Kermit The Frog And Chicago Home Prices
- 05/05/12 10:19 PM
Maybe Kermit the Frog had it right when he sang, "Some day we'll find it, the Rainbow connection, the lovers, the dreamers and me..." because he was thinking about the housing market being akin to rainbows. This past week, S&P Case Schiller released their price index data for the United States housing market. And much like Kermit's optimistic musings that remind us that someday we'll find it, S&P Case Schiller reminded us that we didn't find it this time. The Chicago-area detached housing prices have fallen 37.5% since the peak of September 2006. Furthermore, the prices declined another 2.5% … (1 comments)
The S&P Case Schiller price index for the Chicago-area detached housing indicates that prices have fallen 37.5% since the peak of September 2006. Furthermore, the prices declined another 2.5% from January to February and the decline was 6.9% when measured on a year over year basis.
“While there might be pieces of good news in this report, such as some improvement in many annual rates of return, February 2012 data confirm that, broadly-speaking, home prices continued to decline in the … (1 comments)
woodstock institute: Abandoned Home Increase Faster Than Demolition Can Remove Them
- 04/21/12 08:31 AM
In 2011, U.S. cities took steps to address the excess housing, specifically vacant and unwanted housing. According to the U.S. Census Bureau, in 2011, there were 18.7 million vacant homes in the U.S. which was down slightly from 18.9 million in 2010. Unfortunately, more action is needed to address this problem. Across the country, 'blight' as the phenomenon is commonly known, is impacting neighborhoods which never have had to deal with this problem. Typically, blight is recognized as vacant and unattended to properties. Over the past decade, there has been in increasing trend, looking back to 2000 when there were 13.6 … (3 comments)
woodstock institute: $55 million To You Illinois Friends
- 02/05/12 02:36 AM
Given the elevated levels of distressed real estate throughout Illinois, the State of Illinois has stepped forward and pledged $55 million for a pilot program to finance the rehab of foreclosed homes as well as offer homebuyers assistance to purchase the properties. The $55 million is indicated to be $50 million allocated to rehab and $5 million allocated for up to 500 families to buy vacant homes. The vacant homes are generally foreclosures that are bank-owned. Mary Kenney, executive director of the Illinois Housing Development Authority, said the Chicago region has the highest inventory of vacant foreclosed homes in the nation. … (2 comments)
woodstock institute: Illinois Thrifts Shrink By Approximately 60% In Two Decades
- 07/24/11 12:46 PM
s On July 6, the U.S. Office of Thrift Supervision indicated that the number of Illinois-based thrifts dropped from 151 lenders in 1992 to 45 in 2010. Nearly two-thirds less in almost two decades. As a group in 1992, the total assets were $43.43 billion versus $26 billion in assets in 2010. Furthermore, as a group, they were unprofitable for the fourth straight year in 2010. And to top it off, U.S. Office of Thrift Supervision was abolished last week. The OTS had been the primary regulator of all federal and some state-chartered thrifts, which include savings banks and savings … (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.”
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