Tag: home ownership

The devastated housing market on Chicago's South and West sides during the Daley era

Former Mayor Richard M. Daley will be remembered for the rise of shiny, new downtown condominiums and the fall of towering public housing buildings. But his tenure should also be remembered for declining homeownership and the dramatic rise of cost-burdened renters and home owners in many of Chicago’s South and West side communities. In a... Read more »

Some Chicago homeowners worse off after loan modifications

Imagine your home is in foreclosure. For a lot of Chicagoans, it’s not hard to dream up. One in five homeowners in the metropolitan area are delinquent by at least one month on mortgage payment. Like so many, you don’t want to lose your home, and so you work with a counselor to get a... Read more »

From homeowners to worker drones?

What’s the American Dream? A job, a family, a little house in the suburbs? Some are suggesting that the third should get axed. Or so says Time magazine, in its article “The Case Against Homeownership.” Certainly, in this economy, the idea of owning a home doesn’t take on the same glow it once did. With... Read more »

Foreclosures continue, with few participating in mortgage assistance program

The number of Chicago area households participating in the federal mortgage modification program is at an all-time low, even as foreclosures continue. Also in the news… Young, urban, single women have beat out men as wage earners, according to a new study. This is because they tend to have more college degrees. As soon as... Read more »

Home sales take a nose-dive to lowest level in 15 years

Home sales plummeted by 27.2 percent in July compared to June, hitting the lowest level in 15 years. The drop, which is the biggest monthly dive since 1968, enforced fears that the economy continues to slow down.  The end of a tax credit given to first-time buyers contributed to the fall, according to NPR. While... Read more »