Blog Posts in November, 2011

Do Not Get Tricked Into Paying For Mortgage Help

Despite the fact that they had only owned their condo for two months, Joyce Thompson and her husband, Paul English, received what the Chicago Tribune described as an "official-looking letter with the ...
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Supply of Affordable Apartments Not Keeping Up with Demand

The rent on the South Shore apartment Veeda Pryor has been living in since March used to be $700 a month, but the landlord reduced the price to $650 after the apartment was burglarized. The Chicago ...
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Not For Profit, But Is NHS For Fraud?

Michael Henderson told the website Rebel Pundit that he initially went to the Neighborhood Housing Services (NHS) eight years ago because the local non-profit was "featured in a number of publications ...
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Will Metra Fare Increase Derail Your Budget?

Chicago area commuters who have been using the Metra train lines instead of paying the rising costs of gas for driving may soon be reconsidering their options. The Chicago Tribune reported on November ...
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Foreclosure 'Rain Delay' Coming To an End

While home foreclosure activity in Illinois rose 9.7 percent in October compared to the previous month, the number was almost 26.2 percent lower than in October of last year when the rate was ...
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Braxton Un-Breaks The Bank

Nearly 15 years after she sang about the nights being so unkind, six-time Grammy Award-winner Toni Braxton says bankruptcy has "worked out really great" for her. The Wall Street Journal reported on ...
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Not Many Positives To Be Found In Latest Reports About Negative Equity, Delinquency Rates

Delinquency rates rose in the June-to-September period for the first time since the last three months of 2009, the Associated Press reported on November 8, 2011. According to a report from TransUnion, ...
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Almost Half of Chicago Area Underwater

The percentage of homes in the Chicago area with negative equity rose 9 percent from the second quarter, as more than 46 percent of all single-family homes with a mortgage in the Chicago area were ...
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Record Number of Americans Living in Poverty

While the Census Bureau reported that there are 46.6 million people, or 15.1 percent of Americans, living poverty in 2010 under the decades-old official measure that considers only food costs and ...
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The Young and the Homeless

An increase in the number of people needing foreclosure help combined with a lack of affordable housing and a state unemployment rate higher than the national average has led to an increase in youth ...
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Illinois Will Need Jobs to Recover From Housing Crisis

Illinois will be one of the last states to recover from the housing crisis, the Chicago Tribune reported on November 4, 2011. Economists with the trade group the National Association of Home Builders ...
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Knock Knock, Foreclosure Help Going Door-To-Door

Chicago area homeowners in need of foreclosure help and wanting to save their property could soon have help right at their doorsteps. According to a story from Medill Reports published on November 3, ...
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Drug Ring Around the White Collar?

White-collar crime is not just for executives anymore. DailyFinance reported on October 28, 2011, that over the last four years in Chicago alone, members of the Black Disciples gang participated in ...
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Foreclosure Destroys House First, Neighborhood Second

The foreclosed two-flat at 4336 West Wilcox is one of the 400 to 500 vacant homes Jonathan Martin inspects each month. "It gets worse and worse every time I come out here," Martin told the Chicago ...
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Foreclosure Victims Will Pay More Than $72 Billion in Rent

As foreclosure forces millions of homeowners to suddenly become renters, a study from investment bank Morgan Stanley says these borrowers will pay $72.7 billion in incremental rent payments over the ...
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The Invisible Foreclosures

When there is news about a property possibly going into foreclosure, how often do you hear a response like this: "It's not like it's a drag, it's not going to hurt housing values in the area." Such ...
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As Foreclosures Take More Time To Complete, Is Time Running Out For Those Needing Help?

The good news from Chicago nonprofit research and policy organization the Woodstock Institute is that the 3,604 properties that completed the foreclosure process in the six counties of the Chicago ...
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Nobody's Safe from Foreclosure

Just days after Richard Branson's Virgin Hotels brand announced it would be working with the John Buck Co. to convert the 27-story Dearborn Bank Building at 203 N. Wabash into a 250-room hotel, ...
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Home Prices Rise Again, But Will It Help?

Home prices in the Chicago rose 1.4 percent in August for the fourth consecutive monthly increase, the Chicago Tribune reported on October 25, 2011. The S&P/Case-Shiller home price index reported ...
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With Inventory Down, Will Housing Market Ever Look Up?

The number of sales of existing homes and condos climbed in Chicago's nine-county area for September while prices fell, but the supply of available homes slipped for the second consecutive month, the ...
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Illinois Unemployment Rate Hits Double-Digits Again

The jobless rate in Illinois hit 10 percent for the first time since August 2010 after unemployment in the state rose in September for the fifth straight month, Crain's Chicago Business reported on ...
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