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 costs,
according to Geoff Smith, Woodstock’s senior vice president.

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Also in the news…

  • Illinois’ unemployment rate has edged just under 10 percent
    for the first time since April 2009. The September rate of 9.9 percent
    is a slight increase over August’s 10.1 percent figure. However,
    Illinois’ jobless percentage still remains above the national average
    of 9.6.
  • Chicago mayoral candidate Rahm Emanuel is advocating a longer school day
    for Chicago Public Schools, citing the success of extended classroom
    hours at UNO Veterans Memorial High School on the South Side. Chicago
    Teachers Union President Karen Lewis said she would get behind a longer
    school day as well, but she questioned how CPS would pay for it and
    impugned Emanuel’s handling on the subject of education.
  • Anthony Boswell, the former executive director of Chicago’s Office of
    Compliance who resigned last May amid a controversy over the misuse of
    taxpayer funds, filed an unemployment claim that is being challenged by the Daley administration.
    In the filing, Boswell requested $534 for 26 weeks, compensation that
    would be covered by Chicago’s taxpayers. Although he referenced
    personal reasons for his departure, the city has requested that the
    Illinois Bureau of Employment Security deny his claim. According to
    internal sources, the city is prepared to cite Inspector General Joe
    Ferguson’s report about Boswell’s use of public funds for Spanish

    Compiled by Ryan Jacobs

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