Posts Tagged ‘illinois’

Foreclosure rates in the county are skyrocketing. Chicago and it neighboring areas are hard hit due to foreclosures. Realty Trac.com reveals that the state of Illinois is one amongst the top ten states with a high foreclosure rate. Reports also reveal that the extent of foreclosure cases in Chicago and its neighboring areas are on a rise. As per the National Training and Information center, Chicago recorded a 36% increase in its foreclosure cases. The number of foreclosure cases in the city increased from 7558 in 2006 to 10,294 in 2007. This increase in its foreclosure cases in the current year is the highest since 1993.

The foreclosure problem in Chicago has also spread to its neighboring areas such as Austin. According to Michelle Rodriguez-Taylor, the city of Austin has witnessed a 65% increase in its foreclosure cases since the year 1993. Commenting on the foreclosure situation, Freddie Mac, one of the nation’s largest mortgage investors said that situation would further worsen due to a rise in the interest rate.

In order to express their concern over the rising foreclosure rate and create awareness regarding the same, several forums have been set up in areas such as Austin, Chicago etc and regular meeting are being held. Our staff reporter covered one such meeting that was held at Austin Senior Wellness Center on Saturday. Several foreclosure victims as well as real estate experts attended the meeting. Many of the experts expressed their views on the current foreclosure position in the area. Sighting reasons for the cause of foreclosure, U.S. Rep. Danny Davis (D-III.) stated that many homeowner sign mortgages contract, without obtaining adequate information about the condition of the loan.

As a result of which, they eventually end up loosing everything. Further adding, expert Rodriguez-Taylor said that several lending companies initially offer low rate of interest, which rises significantly within a short period of time, thus trapping needy borrowers. Michael van Zalinger of the Neighborhood Housing Services of Chicago made a good point in this respect. He highlighted sub prime lending to be the main cause of rising foreclosure rate in the area. This is because sub prime loans with a fixed rate starts rising significantly after a couple of years. The rising rate of interest makes it difficult for borrowers to keep up with payment, there by resulting in foreclosures.

At the end of the meeting National Foreclosure Prevention hot line number, 888-995-4673 was given, where foreclosure victims can seek help

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Statistics on Colorado foreclosures, on Tuesday, were largely at variance with one another. According to one online source the number is up but another one says it is down. The difference between the two figures is quite considerable and therefore confusing.

According to Bargain Network the foreclosure listings was 8,662 – that is about 3% drop from the previous month. The rate works out to one foreclosure for every 211 properties. It placed Colorado fifth in rank. In April Colorado was fourth with the foreclosure number touching 8,907. It was a considerable 22% decrease from March.

But the national picture is that listings jumped to 6% from April with 149,000 properties ready for the anvil. In November 2006 the number was 108,000. This meant an increase of a staggering 38%.

The states of Colorado, Florida, California, Texas and Illinois have the distinction of being responsible for 59% of all the foreclosures in the country. Among these Florida comes first with 29,820 houses waiting to suffer the process of being foreclosed and auctioned. Texas comes third with 11,012 units marked to be doomed. This means that on an average Texas has one foreclosure for every 732 houses.

Most of the activity in the foreclosures– that is about 87%, centred on single-family houses. 75% comprised of the market in condominiums and town-homes. The remainder was about commercial units, land, mobile homes, multi-family and the like.

A second rival company that deals with real estate, Realty Trac Inc. in Irvine, California came out with contradictory reports later on Tuesday. In its report the number of Colorado foreclosures is up by 8.5% in comparison to last month – that is April 2007. Realty Trac went on to add that Colorado listings number 6,321. This means only one out of 290 units is under the cloud of foreclosures. Nevada was rated as having one foreclosure for every 166 properties.

Realty Trac has come under criticism for doing the wrong counting. It now plans to revise its method of reporting of putting together in one basket all the foreclosures. It will now break it up and give a step-by-step statement of how many units are moving through which stage of the foreclosure process. Foreclosure is a lengthy process and does not involve one quick move. By next month the new Realty Trac figures should be available to enable analysts to assess the situation from different angles.

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Bankers are watching and waiting with uncertainty the snowballing effect of the sub-prime tsunami crisis.

Even though April provided a breather by a dip of 1% in foreclosure listing, it was still up by 62% compared to last year. Even then it will be far above the average of last year. Statistics pouring in show a worsening of the situation. No one knows the actual number of active sub-prime mortgages, its source of origin or refinancing procedures in Northeast Minnesota and Northwest Wisconsin.

Risky loans had triggered off this crisis. Some of the biggest sub-prime lenders like Ameriquest and New Century Financial are toppling down.

Some regions of the country have remained untouched by this virus – Wyoming, Vermont, North and South Dakota, Mississippi, Delaware and Washington D.C. Topping the list are 10 cities of which six are in California. These six ranks first among the group of notorious 10. Las Vegas comes first. Others claiming this dubious distinction are Nevada, Colorado, Connecticut, Florida, Arizona, Illinois, Michigan, Ohio and Georgia. As a result of this fall out Michigan, Minneapolis and Ohio are reeling under massive layoffs.

Big national financial services are practically non-existent in some important regions. Yet sub-prime activity has been typical with apprehended results. Real estate businesses having taken a U turn, lenders are tightening loan conditions thus putting marginal borrowers in a soup. Their rates of mortgage interest are rising while the value of their property continues to plummet.

The situation is so alarming that Lutheran Social Services have come forward to provide pre-bankruptcy counseling in Minnesota and Douglas County. The sub-prime lending has hit not only the borrowers but also local banks and communities. A ‘teaser’ rate tempts the borrower to fall into the net. Later the net closes in on the catch with disastrous consequences to all but the lender-agent nexus. Sub-prime lending essentially steals business from smaller entities.

Authorities have come forward and tightening the belt of the law – a grim reminder that playing around with lending will attract felony charges coupled with compensation and damages. However it applies only to current frauds and does not extend backwards. Thus primarily the focus is on prevention.

Wisconsin is the only state that has no limits on interest rates. Pay-day lending has been rampant which many regard as an unhealthy drain on the economy. The heat is on to find a solution and save the people.

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This lovely is located in a great location. It features beautiful hardwood floors in one bedroom, a spacious kitchenwith plenty of cabinets and a snack bar. The sunken family room provides a cozy atmosphere. The living room features a large bay window.

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Nice 5 bedroom ranch home has a nice addition(2006)with a fully finished walk out basement. Also has new roof, vinyl siding, windows and exterior doors in 2006. All new appliances, new flooring thur out. 2 heating systems, new heat pump and a 3 year old high efficiency furnace. New sidewalks, circle drive,and 12′x20’storage building.

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Gorgeous Lake Front Home! Enjoy breathtaking views of the lake in this 3 bedroom, 2 bath home. Beautiful wooden spiral staircase leading up to a glass loft overlooking the lake. Great Room has high cathedral ceilings with 6 clerestory windows and exposed beams. Screened in porch with cathedral ceilings, panoramic views of the lake, pass-through window to the kitchen.

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105 acres of prime hunting and recreational land in Saline County. South Fork of the Saline River runs through the middle. Aproximatately 25 acres in CRP yeilding $2000 per year in income. Owner willing to divide into smaller lots.

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Great location. Close proximity to SIU and Carbondale School. Bi-level home sitting on 2.76 acres. Large and spacious rooms with a finished basement. Plenty of room for entertaining.

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