The Price of Foreclosure

The Price of Foreclosure

I have a sneaking suspicion you'll be seeing more of this as the economy continues to flounder.
It only makes me wonder if this fire at a defacto abandoned condominium building was an accident. 

With the weather starting to change, perhaps the occupants needs to keep warm at night.  I'd be less than honest if I didn't admit that my first thoughts went to the insurance fires that plagued the south and west side back in the day.

Or if jimmy rigged disconnected utilities were to blame.

What the article didn't make clear were amount of units in the building.

A quick perusal of public records show that the 4725 South Michigan Avenue condominium association is comprised of 28 units.  20 of them had foreclosure suits filed in the chancery division of Cook County Circuit Court.

As I continue to search public records and swap out S. Michigan for "South Michigan" I'm sure I'll find a few more foreclosure suits.

When you have a good portion of your association's units in foreclosure, I'd venture to say that assessment collection and bill payment may have dropped off as well.

That may be the reason for the building's unsecured front door and disconnected gas.

To me this type of story was old hat.  I've been watching similar scenarios play out down the street and around the corner from me for years.

Yet something about this story intrigued me.

So I went back to the public records and dug a little deeper. 

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