Parents held a 22-hour school sit-in in advance of a vote that could let go of teachers for poor student performance, a shooting at a nightclub left one dead, and other news. more ›

History doesn't preserve itself. And in places like the Pullman neighborhood, the crushing economy makes holding onto some of the most important bits of the past all the more difficult. Luckily the City can help. more ›

Gery Chico and Miguel del Valle took the opportunity of Bill Clinton's visit to Chicago to slam Rahm Emanuel for his “cozy relationship” with Clinton, his ties to mortgage giant Freddie Mac and the national housing crisis. Clinton was in Chicago for a private fundraiser for Emanuel. “When Rahm Emanuel had the chance to blow the whistle on corrupt activity taking place on the Freddie Mac board, he sat on his hands, looked the other way and took the cash,” Chico told CBS2. “It was a character test and Rahm Emanuel failed.” Citing a Tribune report that Emanuel was paid almost half a million dollars as a board member at Freddie Mac and was informed by board executives of a plan to mislead shareholders about profits, Chico compared Emanuel's experience to Enron, calling it “an illegal scheme to misstate profits” from risky investments “almost exactly like Enron did.” “We can’t afford a mayor who would look the other way when presented with this kind of corruption," Chico said. more ›

It looks like not only homeowners that are walking away from their homes when they get underwater on their mortgages. A new study released by the Woodstock Institute found that more mortgage lenders are walking away from homes as they realize they can't recoup the full costs of their investments. Some mortgage lenders are going so far as to not complete paperwork on foreclosure actions and filing them with the city. These abandoned homes, mainly in African American neighborhoods, could be costing the city up to $36 million. more ›

For the second time in two years, Cook County Sheriff Tom Dart announced that his department will not act upon foreclosure evictions related to Bank of America, JP Morgan Chase and GMAC/Ally Financial until those three financial institutions can provide affidavits stating that each of the foreclosures were examined and that there are no problems with them. more ›

There’s a blurry forecast for the Illinois housing market. Home sales have increased this first quarter, but so did home foreclosures. There was a 32 percent increase in March 2010 with 9,487 homes sold compared to the same period in 2009 with 7,142 sold, according to the Illinois Association of Realtors. It was the seventh consecutive month of increases for Illinois home sales. However, the Chicago area also had 9,302 homes foreclosed, the largest number of completed auctions recorded in a quarter since 2006, according to the Woodstock Institute. more ›

The foreclosure crisis is far from over, according to a new report released from National People’s Action, a grassroots research and organizing group in Chicago. The study shows that a home in Chicago was foreclosed on every 22 minutes throughout 2009, a total of 23,200 homes. This is a 16% increase since last year. The report also highlights foreclosure “hotspots,” pointing out the areas that have more than two new foreclosures per city block. more ›

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. more ›

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. more ›

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. more ›

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: more ›

• 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. more ›