Chicago is the 3rd most populous state in the United States and is an energetic city that attracts millions of tourists and settlers every year. Chicago foreclosure homes were flooding industry, especially spiking in activity in April 2010. Chicago foreclosures are increasing as a result of increasing unemployment and government is taking measures like reducing monthly mortgage payments to ensure that home owners can avoid foreclosures.
Chicago referred to as the “windy city’is probably the most populous city of their state of Illinois. It is known for its musical roots (Chicago Blues) along with rocking theatre scene. Situated on the banks of the Michigan, it has numerous activities like boating to scuba diving. Additionally it boasts of famous museums and shopping arenas that attract tourists by the drove.
Real-estate agents, investors and home buyers are attracted by property in Chicago, especially Chicago foreclosure homes which are available at concessional rates. With a population approaching 3 million, Chicago is a growing foreclosure market.
The National People’s Action’s 2009 Chicago Foreclosure Report painted a dismal picture of Chicago real estate market and said that the Foreclosure crisis was still raging in Chicago. Foreclosures in Chicago were up by 16% in 2009 compared to 2008. The town saw a brand new foreclosure filing every 22 minutes. The agency stressed on the necessity for a strong consumer protection organization to avoid abuses such as for example predatory lending that caused the housing crisis.
Experts mention that the problem of foreclosures has spilt over in one due to predatory lending to that particular of an unemployment crisis. Chicago mortgage rates Foreclosures are no longer led by predatory lending but have evolved into an unemployment problem that has seeped into Chicago neighborhoods.
Based on the report more than 23,000 homes were declared as Chicago foreclosure homes last year. People who managed to help keep their properties saw a huge loss in value of the property. The average Chicago home owner lost around $ 27,000 in home value compared to prices five years back
The NPA suggest policies that will keep families of unemployed in their homes. With unemployment about 11% in Illinois, many families are facing difficulty making their mortgage payments. Many families cannot pay up their mortgage even by selling their homes. Thus foreclosure is the sole option. Chicago Foreclosure homes are hence on the rise.
One alternative is the Home Affordable Modification Program. The HAMP program that came in last year seeks to cut back in danger borrower’s monthly mortgage payments. The report suggests allowing people with home mortgages to get exactly the same concession allowed for investment properties and vacation homes. Also it will give a loan or perhaps a grant to simply help unemployed home owners.