Most news outlets (see Washington Post, LA Times, Chicago Tribune) correctly reported that the number of mortgages in forclosure or delinquent declined over the last year. None of the sources I saw mentioned that homes in foreclosure have tied their all-time high, though Calculated Risk led its headline with that item. Is this important? Sort [...]
Tag Archives | foreclosure
Dart’s moratorium will not help Cook homeowners
Cook County Sheriff and mayoral candidate Tom Dart has announced that he will not enforce evictions due to foreclosure in the wake of the robo-signing scandal (see our comment here). Here is Dart’s explanation: “This is so outrageous and these poor families are being put through this day in and day out by people that [...]
Spire dreams fizz with lawsuit
Five years after an ambitious European development group proposed to build one of the world’s tallest buildings on Chicago’s lakefront, a lender has filed a foreclosure lawsuit that will likely kill the project. Anglo Irish Bank will likely take possession of the 2.2-acre site from developer Garrett Kelleher. See here for the article from CBS [...]
Banks’ legal blunders may delay housing recovery
The ham-fisted way in which several banks have filed foreclosure lawsuits may delay the housing recovery. So far, several major banks (Chase, Bank of America, GMAC) have suspended foreclosure filings while they “review” their procedures, which sometimes include “robo-signers,” forgeries, and fraudulent notarizations. A summary of the issue follows, from Gretchen Morgenstern’s column on Sunday (“Flawed paperwork [...]
One in four home sales is a foreclosure
Almost a quarter of all homes sold in Illinois was a foreclosure sale, according to the AP (“Foreclosures make up one quarter of Q2 Illinois Home Sales“, Sept. 30): A report released Thursday by Irvine, Calif.-based RealtyTrac shows there were 8,909 second-quarter foreclosure sales, accounting for 24.32 percent of all homes sold in the state. [...]
Tribune maps distressed zip codes
The graphic in this post appeared in Thursday’s Chicago Tribune (“Distressed homes: homeowners behind on payments,” Sept 30): The article was based on an analysis by John Burns consulting, a highly respected home builder consultant in California, based on CoreLogic data. CoreLogic has access to closing documents for almost all real estate sales in the [...]
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