Thousands of abandoned foreclosures, unregistered vacant homes may be costing Chicago as much as $36 million, says new report
Written by Katie Buitrago via Woodstock Institute.
Thousands of vacant homes in the City of Chicago are likely poorly maintained, lack clear ownership, and threaten to destabilize neighborhoods, says a report released today by Woodstock Institute.
The foreclosure crisis has exacerbated ongoing concerns about the impacts of vacant homes on communities. The loan servicer, who is the typical steward of a property throughout the foreclosure process, may choose to reduce the costs associated with a long-term vacant home by walking away from the foreclosure process instead of completing it or may avoid maintaining a vacant home up to local code standards. In both cases, the vacant home is subject to limited or no oversight and poses a substantial risk to the surrounding community, such as lowering property values, attracting criminal activity, and causing blight.
The new report, based on an analysis of data on City of Chicago vacant properties, foreclosure filings, foreclosure auctions, and property transfers, examines the scope of two kinds of vacant homes that likely are negatively impacting their communities: READ MORE>>>>