Chicago Sun-Times: Foreclosures aren't fading in 2010

Foreclosures aren't fading in 2010
BLAME UNEMPLOYMENT | 2009 likely to top 2008, and no letup expected in 2010

December 29, 2009
BY FRANCINE KNOWLES fknowles@suntimes.com


The door isn't expected to slam shut on foreclosures here next year.

Home foreclosures, which have pummeled many Chicago area neighborhoods, are expected to continue to mount in 2010, and high unemployment will be the driver, experts say.

The problem, which has driven home prices down to bargain basement levels in some hard-hit African-American communities on the South and West sides of the city, will likely attract speculators. And that could be more bad news for those neighborhoods, predicts one local researcher.

The annual number of properties hit with a foreclosure filing in Chicago has climbed year over year from 7,449 in 2005 to 20,592 last year, with 14,749 in the first nine months of this year, according to the latest data from the Woodstock Institute.

In the six-county metro area, the annual number of filings shot up from 21,252 in 2005 to 57,927 last year, with 46,069 in the first nine months of this year.

"Based on everything that we've seen, 2009 looks like there's going to be an increase over 2008, so foreclosures are continuing to rise," said Woodstock Institute Vice President and researcher Geoff Smith. "I expect to see something similar to 2009" next year. ............(more)

The complete piece is at: http://www.suntimes.com/news/metro/1962473,CST-NWS-foreclose29.article