Results tagged “foreclosures”

Home foreclosures in the Chicago suburbs and outer lying counties have risen sharply in the past three months, according to the Chicago Tribune. While home foreclosures within Cook County have decreased by five percent this financial quarter, "collar counties" like Will and Kane saw an increase in filings of at least 53% when compared to last year. The Woodstock Institute, a Chicago based economic research group, attributes the increase partly to the Illinois Homeowner Protection Act and the Home Affordable Modification Program.

The state's unemployment rate rose for the sixth month in a row in March, breaking nine percent, the highest in 24 years. Governor Pat Quinn announced that state unemployment benefits would be extended an additional 13 weeks for workers that had exhausted their access to unemployment insurance. Illinois currently offers 26 weeks of benefits, in addition to the 33 weeks provided by the federal government.

Cook County Sheriff Tom Dart announced that he would stop enforcing evictions of rent-paying tenants when the order is actually aimed at a landlord who are being foreclosed on for not paying their mortgage. In a column published in the Sun-Times, Dart wrote:

What isn't part of our job, however, is to carry out work on behalf of the multi-billion-dollar banks and mortgage industries.

Continue reading "Cook County Sheriff Refuses To Evict Tenants"

It’s not a surprise that Chicago is seeing the number of foreclosures on the rise. What is a surprise is the rate at which they are increasing. Second quarter comparative data was release yesterday:

• Tomorrow, on Father’s Day, Obama and his family will be attending a new church. At least that’s what he told talk show host Jimmy Kimmel on Friday.
• Metra expects at $20 million short fall, due to increased costs of diesel fuel. This despite a record 7-million riders. They’ll fix it by delaying plans to increase service, which puts Metra on-track with having standing customers. Huh?
• McDonald’s is reintroducing sliced tomatoes to their menu in the next seven to ten days after yanking them as a precaution. The FDA still hasn’t isolated the source of the salmonella bacteria.
• Cook County foreclosures are now worse than the U.S. average. Foreclosures were up 57% in May. Despite this, officials say we’re still faring better than most of the nation.
• Flooding. Flooding. And more flooding. Amtrak just announced they've suspended service on two lines between Chicago and the West Coast. Track river levels here.
• Daley says CTA’s current rail system is outdated. Really? He says he put the brakes on the downtown “Super Station” until they get the right technology.
• Johnson hits a homer to help the Cubs beat the Blue Jays in Toronto earlier today.
• Alderman Toni Preckwinkle is urging Daley to create a new Tax-Incriment Financing District to generate the millions needed to turn the closing Michael Reese Hospital into a $1.1 billion Olympic Village.

With foreclosures on the rise, along with the ubiquitousness of television shows like Flip This House and Flipping Out, more and more people are showing up at real estate auctions trying to score a bargain and make a quick buck. And while veteran house flippers know that when you buy a home "as is" you're sure to find a few surprises like termites, water damage, or even a shitload of cats, we'll still bet that the new owners of a graystone in North Kenwood were shocked at their discovery -- a skeleton wearing a red tracksuit. The bones belonged to the home's owner, Randy Johnson, who neighbors say disappeared back in October, 2006.