Almost a third of Chicago homeowners are “underwater,” according to a report real estate company Zillow.com. Progress Illinois reports that Zillow released data suggesting that one in three single family homes in Chicago are worth less than the price of their current mortgage. The current median value on a single family home in the Chicago area is $189,000, slightly above the national average of $181,000. 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 ›