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| Economy |
| Foreclosure-Wave Sweeping US Crests In Chicago |
| 2022-05-27 |
[ZeroHedge] A report released in April by real estate data aggregator ATTOM has bestowed Chicago with a dubious honor. Amid a national surge in residential foreclosure rates, Chicagoans are currently losing their homes in greater numbers than in any other metro area in the country.“A total of 50,759 U.S. properties started the foreclosure process in Q1 2022, up 67% from the previous quarter and up 188% from a year ago,” the report stated, with Chicago alone seeing over 3,000 foreclosures in the first three months of the year. If you interpret the numbers as a per housing unit rate, Cleveland manages to pull ahead of Chicago with almost one in every 500 homes foreclosed since the start of 2022. But by the same metric, Illinois still leads the nation on a state level – close to one out of every 800 homes. California, as the country’s most populous state, wins out as the state with the highest raw numbers of foreclosed homes this year. More than 5,300 households in the Golden State had begun the foreclosure process as of April. As shocking as this spike in home loss is, experts said it was predictable – the inevitable result of the end of the pandemic eviction moratorium. Enacted by Congress in March 2020 under former President Donald Trump and struck down in August 2021 by a supreme court ruling under current President Joe Biden, it was a national exercise in decommodified housing that staved off homelessness for an estimated 1.5 million Americans. |
| Posted by:Skidmark |
| #14 Owing the mortgage company is one thing, owning the county taxes is another. |
| Posted by: Procopius2k 2022-05-27 16:18 |
| #13 |
| Posted by: Skidmark 2022-05-27 15:07 |
| #12 After student debt is zeroed out, I would not want to be a rental property owner. |
| Posted by: M. Murcek 2022-05-27 13:17 |
| #11 Foreclosures will often be quietly sold off to connected investment companies like Blackrock and converted into rentals. |
| Posted by: Glenmore 2022-05-27 12:55 |
| #10 It was fun, fun, fun till the Sheriff took the furniture away. |
| Posted by: Procopius2k 2022-05-27 11:39 |
| #9 1) It was in Florida. 2) It was low hanging fruit to a smart lawyer. Lots of people have no idea what to do when foreclosure paperwork arrives in their mail. If they actually are not paying their mortgage, they will have little luck hiring a lawyer. Yes, there are pro-bono ways to go, but the people described above don't even know where to start looking for a contact to that. |
| Posted by: M. Murcek 2022-05-27 10:40 |
| #8 In Florida the homeowner won. Bank was slow in paying lawyer fees, so a lean was put on a branch. Sheriff showed up taped off the place. Was in the process of removing furniture when the check showed up. |
| Posted by: Procopius2k 2022-05-27 10:28 |
| #7 ^ Hah. Court is asked to side with Joe homeowner or the bank. How do you think that will go? |
| Posted by: M. Murcek 2022-05-27 10:24 |
| #6 Just as long as they don't foreclose on homes they have no paper on. |
| Posted by: Procopius2k 2022-05-27 10:21 |
| #5 The banks aren't stuck trying to recoup what they lost in the MBSs in 2008. They have more flexibility this time. |
| Posted by: M. Murcek 2022-05-27 09:33 |
| #4 The banks learned their lesson about being stuck with properties last time. I'd imagine they will sell the foreclosures off at prices that will depress the market. |
| Posted by: M. Murcek 2022-05-27 09:27 |
| #3 Note: Liberal Democrat History repeats itself. 2007-2010 Housing market prices peak as foreclosures increase. Will housing prices plunge in 2023-2024 as cheap Foreclosures increase? |
| Posted by: NN2N1 2022-05-27 09:20 |
| #2 I have a friend in Pennsylvania who is having no luck selling his bar so he can retire. Thanks to gubberner Woof's COVID lockdowns. |
| Posted by: M. Murcek 2022-05-27 08:25 |
| #1 Wonder how many foreclosures were of people who abandoned the property after being unable to find a |
| Posted by: Procopius2k 2022-05-27 07:46 |