A cursory glance at foreclosure data released Friday by the Woodstock Institute might suggest a downturn in the number of foreclosures in the Chicagoland area. In the six Chicagoland counties studied, there was a 51 percent decline in home auction activity when the first halves of 2010 and 2011 were compared. The largest declines in foreclosure activity occurred in Lake and Cook counties, which both saw 55 percent reductions during those periods.
But a closer look at the data reveals a cumbersome problem: the foreclosure process time is at an all-time high, meaning home loans, and borrowers, are finding themselves in a logjam of paperwork and bureaucracy at the service provider.
A number of Chicago residents spent the week tirelessly protesting Bank of America for the plethora of abandoned foreclosed properties that are blighting neighborhoods across the city and state.
The group of Action Now members were joined by other organizations supporting their fight throughout the week. Fifty-two year old Marsha Godard, who held a Bank of America account, was arrested when she tried to speak with the financial institution's officers about the impact abandoned foreclosed homes are having in the city's communities.
The United States attorney general has filed a civil lawsuit against the city of Joliet in order to stop the municipality's plans to condemn a low-income housing complex, which could lead to the displacement of more than 765 residents.