Despite government interventions, foreclosures continue to climb in Chicago region

New foreclosure filings in the Chicago six county region rose 21 percent from 2008 to 2009 despite federal, state, and local programs designed to curb the foreclosure crisis, says a new Woodstock Institute report. During the fourth quarter of 2009, the region saw 24,053 new foreclosure filings—the highest quarterly number observed since 2005.
 
 
The report, which is entitled “Government Interventions Have a Limited Impact on Chicago Area Foreclosure Activity” and is based on analyses of foreclosure filing and auction activity in 2009, found a shift in new foreclosure filings from regions with previously high rates, such as the City of Chicago and South Cook County, to the suburban counties. The fastest growth was seen in North and Northwest Cook County and Kane County, which saw increases in new filings between 40 and 48 percent from 2008 to 2009. In contrast, new filings in Chicago grew by a relatively modest ten percent and decreased in South Cook County by six percent over the same period.  Within the City of Chicago, 25 community areas saw year over year declines.  Most notably Woodlawn, West Pullman, and Englewood saw declines between 25.9 and 23.8 percent from 2008. 
 
Read the report