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First quarter of 2010 Experience a Rise in Foreclosure
USINFO | 2013-12-23 15:39
In 2010, a non-profit institute named as Woodstock Institute, based in Chicago came up with a report which deals with foreclosure data. According to them, the rates of fillings in Edison Park are above 69% during the first part of the year while the figures in Norwood Park are above 13%.
The filing has spiked in such an alarming rate that it surprised both 41st ward Alderman Brian Doherty, and Barry Paoli who is the president of 21st century McMullen realty. The past year listed a record number of filings.
According to Paoli’s opinion, he had never seen such foreclosures as in 2010 since he had started his business in 1973.
Doherty explains that previously there were normally 10 filings which have now increased to 100. Now his office looks after the foreclosed homes to prevent the neighbors from acquiring them.
The staffs and the interns moved around with weed whackers, lawnmowers and truck. Previously they needed children and volunteers to clean up the foreclosed properties or owned by those who are unable to retain their properties or by seniors. They used to do this community service as the number was few. But now they have a long listing for trimming the lawns of foreclosed homes.
For this plight faced with foreclosure Paoli blames the practice of people to buy by making a little amount of down payment and lending out the property when there is a hike in the price. The value of those properties has reduced to 20 to 25 percent in relation to their values before three years.
The Woodstock Institute also shows an increment of 54.5% in the filing rate in the second half of the year in relation to the first half of 2010 in Park Ridge. It also shows that there were 45 legal auctions in Park Ridge. This institute reports that in 2009, the number of foreclosed properties in Park Ridge was 202. The rate of foreclosure increased by 11% in the first half of 2010 in comparison to the first half of 2009 while in Niles while In Des Plaines the rate increased to 33%.
The newly produced report by the institute shows that the foreclosed condominiums adds to the huge number of foreclosed homes in Chicago, mainly in the Suburban Cook County. It also says that it has increased greatly in Northwest and North Cook country during first half of 2010 from the first quarter of 2009 at the rate of 77 to 76%.
The filing has spiked in such an alarming rate that it surprised both 41st ward Alderman Brian Doherty, and Barry Paoli who is the president of 21st century McMullen realty. The past year listed a record number of filings.
According to Paoli’s opinion, he had never seen such foreclosures as in 2010 since he had started his business in 1973.
Doherty explains that previously there were normally 10 filings which have now increased to 100. Now his office looks after the foreclosed homes to prevent the neighbors from acquiring them.
The staffs and the interns moved around with weed whackers, lawnmowers and truck. Previously they needed children and volunteers to clean up the foreclosed properties or owned by those who are unable to retain their properties or by seniors. They used to do this community service as the number was few. But now they have a long listing for trimming the lawns of foreclosed homes.
For this plight faced with foreclosure Paoli blames the practice of people to buy by making a little amount of down payment and lending out the property when there is a hike in the price. The value of those properties has reduced to 20 to 25 percent in relation to their values before three years.
The Woodstock Institute also shows an increment of 54.5% in the filing rate in the second half of the year in relation to the first half of 2010 in Park Ridge. It also shows that there were 45 legal auctions in Park Ridge. This institute reports that in 2009, the number of foreclosed properties in Park Ridge was 202. The rate of foreclosure increased by 11% in the first half of 2010 in comparison to the first half of 2009 while in Niles while In Des Plaines the rate increased to 33%.
The newly produced report by the institute shows that the foreclosed condominiums adds to the huge number of foreclosed homes in Chicago, mainly in the Suburban Cook County. It also says that it has increased greatly in Northwest and North Cook country during first half of 2010 from the first quarter of 2009 at the rate of 77 to 76%.
