Foreclosures Are Ramping up 54% increase in South Loop, 75% on Near West Side!!

Posted on July 30th, 2010 in South Loop, West Loop, West Town.

Check out a website Foreclosure Rates Are Rising Now-Banks Are In Actionthat focuses in on the city area’s foreclosure rates and find some tuff news. That wave of foreclosures we thought was about to hit — it’s hitting now.  Woodstock Institute ( a Chicago based housing research and policy organization) says that 131 foreclosure actions against mortgagees were filed between January and June on the Near South Side. This is the 1200 to 3100 south area(south loop). This is up by over 50% year-on-year comparision. And… the West loop  area covering University Village, to 400 north and from I94 west to 2800 west shows that 227 cases were filed and that is up almost 75% from the first half of 2009!