Chicago is the 3rd most populous state in the United States and is a radiant city that attracts an incredible number of tourists and settlers every year. Chicago foreclosure homes were flooding the market, 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 so that home owners can avoid foreclosures.
Chicago known as the “windy city’is the absolute most populous city of the state of Illinois. It is noted for its musical roots (Chicago Blues) in addition to rocking theatre scene. Chicago mortgage expert Situated on the banks of the Michigan, it has several activities like boating to scuba diving. It also boasts of famous museums and shopping arenas that attract tourists by the drove.
Property 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 city saw a new foreclosure filing every 22 minutes. The agency stressed on the need for a powerful consumer protection organization to avoid abuses such as predatory lending that caused the housing crisis.
Experts explain that the problem of foreclosures has spilt over from due to predatory lending compared to that of an unemployment crisis. Foreclosures are no further led by predatory lending but have evolved into an unemployment problem that has seeped into Chicago neighborhoods.
In line with the report more than 23,000 homes were declared as Chicago foreclosure homes last year. People who managed to help keep their properties saw an enormous loss in value of their property. An average Chicago home owner lost around $ 27,000 in home value compared to prices five years back
The NPA suggest policies which 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 only option. Chicago Foreclosure homes are hence on the rise.
One alternative may be the Home Affordable Modification Program. The HAMP program that came in a year ago seeks to cut back at risk borrower’s monthly mortgage payments. The report suggests allowing individuals with home mortgages to have exactly the same concession allowed for investment properties and vacation homes. And yes it will give a loan or perhaps a grant to help unemployed home owners.