March 9, 2007
BY SALLY DUROS Real Estate and Homelife Editor
More than 54,000 homeowners in the Chicago area were 60 days behind on their mortgage payments and in serious danger of going into default as of Dec. 31, 2006. That's 14.5 percent of an estimated 374,000 subprime loans in the greater Chicago standard metropolitan area, said Bob Visini, vice president-marketing, for LoanPerformance, a California-based subsidiary of First American Real Estate Solutions.
In Chicago the numbers of these early warning defaults increased 56 percent between year-end 2005 and year-end 2006, a higher percentage increase than posted nationwide, Visini said.
...
"If you don't have the money, someone has to come and break your legs," Visini said. "It really is a perfect storm."
Ahhhhhhhhhhh, the ol' "Chicago-way"....
1 comment:
driving back into town on n/b i-294 i noticed that 2/3 of the billboard signs were automotive or housing related. look in either chicago newspaper (revenue flat last few years) and try to imagine where they would get revenue if the auto/housing sectors cut back in any meaningfull way. this thing is going to feed on itself as more folks lose their jobs and they will no longer be able to afford mortgages/car notes and more inventory will get dumped on the market. brother can you spare a twenty?
Post a Comment