4 suburbs on U.S. foreclosure list
Sunday, July 1, 2007 12:12 AM CDT
Post a Comment | Email this story | Print this story
BY KIRSTEN SRINIVASAN
kirsten.srinivasan@nwitimes.com
219.933.4158
Some south suburban ZIP codes rank high for foreclosures, but officials say they are part of a larger regional and national trend.
CNNMoney.com recently ranked Chicago Heights, Harvey, Calumet City, and Dolton ZIP codes among its top 500 ZIP codes for foreclosure filings nationwide. The problem is more widespread, said Ed Paesel, executive director of the South Suburban Mayors and Managers Association.
"Traditionally, (these communities) have had fairly high foreclosure rates," he said, but the increase in foreclosures is actually a lower percentage compared to other Chicago areas in the last two years. "It's not only a south suburban problem anymore."
Communities across the Chicago area have had "a large jump in foreclosures" in the last two years, said Beth Devers, housing director of Metropolitan Mayors Caucus.
So much for "The Ownership Society". Wait until the banks get over-loaded with these foreclosures. When they finally drop them like a cold potato, the local comps will destroy what is left of the Chicago Housing Bubble.
5 comments:
good. then i will swoop down w/ cash and pick up a gem.
Ha ha.....guess that $400-500,000 house doesn't look so good now, does it?
YOU DON'T EVEN KNOW WHAT A WIDGET IS, BOY!!!!!!
YOU DON'T EVEN KNOW WHAT A WIDGET IS, BOY!!!!!!
a widget is something you make for 8hrs 5x a wk so you can afford a house to raise your family in.......right?
Post a Comment