Posts tagged "foreclosures"

Chicago's use of eminent domain to save homes could be longshot

Chicago's use of eminent domain to save homes could be longshot
Despite impassioned testimony from housing advocates and a cameo appearance by actor John Cusack, it’s far from certain that the city will use eminent domain  to keep troubled borrowers in their homes. To start, Mayor Rahm Emanuel has already stated he opposes the idea, which could mean it’s all but a dead issue. After all,... Read more »

A new proposal for Chicago's vacant property woes

In 2011 alone, 6,274 homes in the city of Chicago went through the final stage of foreclosure and were auctioned off, according to data from Woodstock Institute. A vast majority, 94 percent, ended up in the hands of banks. Thousands are still sitting vacant. Many are in communities where the housing market is weak, to... Read more »

Closing time in Springfield: Human trafficking bill passes, foreclosure fraud and criminal records bills stall; campaign finance and early release bills moving forward

Closing time in Springfield: Human trafficking bill passes, foreclosure fraud and criminal records bills stall; campaign finance and early release bills moving forward
Lawmakers in Springfield have their hands full this week as they wrap up the spring session. Designing a new budget, crafting pension and Medicaid reform and a compromise on gambling legislation are all topics that have seized headlines in recent weeks and months. During that time, The Chicago Reporter has had its eye on a... Read more »
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Politics in review: Election results keep rolling in; West Side TIF zone gets $1M facelift; bringing out the big guns?

Here’s a rundown of the elections and political news The Chicago Reporter was discussing this week: More than a week after Illinois’ March 20 primary, more results have come in. In the 7th District statehouse race in west Cook County, Emanuel “Chris” Welch edged past his challenger, Rory Hoskins, by 36 votes. Welch, a lawyer... Read more »

Vacant homes to rentals has potential but also potential problems

Vacant homes to rentals has potential but also potential problems
Vacant homes are trouble. There’s no doubt about it. From attracting squatters, falling into disrepair or lowering home values, there’s not a neighborhood in this city that doesn’t have empty homes creating problems. More are piling onto the market every day, with little hope of a quick recovery. So the Federal Reserve has decided it’s... Read more »

The latest on the foreclosure front

The latest on the foreclosure front
New rounds of federal and philanthropic dollars for Chicago are set to help mop up the aftermath of the foreclosure crisis that has blighted many city neighborhoods and depressed property values. Around $31 million to $36 million are expected to incentivize redevelopment of foreclosed, vacant homes and, in some cases, to demolish decayed structures. That... Read more »
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Lawsuit talk surrounds city's new vacant property bill

Lawsuit talk surrounds city's new vacant property bill
Last month, a City of Chicago attorney described a vacant property ordinance then before a council committee as a “very legally aggressive measure.” The attorney, Jeffrey Levine, told aldermen the bill would be an exercise of the city’s home rule authority, around which there is a substantive body of law. The council eventually passed the... Read more »

News Roundup: Completed foreclosures up 44.9 percent

Completed foreclosures in Chicago have increased by 44.9 percent over the last year, according to the Woodstock Institute. Ninety-five percent of the properties were acquired by lenders instead of third-party buyers. Because many lender-owned properties remain vacant longer than those owned by third-parties, municipalities will struggle as the properties decrease tax rolls and increase maintenance... Read more »

Wells Fargo Bank deceived, but did it discriminate?

Wells Fargo Bank deceived, but did it discriminate?
Nearly 9,000 homeowners facing foreclosures will get help paying off their loans after they were allegedly swindled into high-cost mortgages by lender Wells Fargo Bank. But the hundreds of families who lost their homes because the same company charged them more interest based on the color of their skin are still waiting for justice. More... Read more »
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Cabrini residents struggle to find housing as buildings prepare to come down

The last Cabrini Green residents are struggling to find replacement housing as the city prepares to tear down the remaining public housing buildings. Thousands of public housing residents were forced out over the last ten years and the city hasn’t built enough replacement housing. Also… The city of Elgin hopes to revitalize communities using federal... Read more »