Economics

Chicago-Area Foreclosure Auctions Hit New High : More Than 9,300 Homeowners Lost Properties Last Quarter

More Chicago-area homeowners lost their homes to foreclosure in the first three months of the year than in any quarter in the past five years.

This disturbing statistic raises doubts about the effectiveness of mortgage loan modification efforts and could put more downward pressure on property values.

Within the six-county Chicago region during the first quarter, 9,302 homes went through a court-ordered auction,

the last step in the foreclosure process, and 95 percent of those properties were taken back by lenders.

Within the city of Chicago, almost 3,500 homes went to auction, and 95 percent of those also became bank-owned,

according to data to be released Thursday by Woodstock Institute, a Chicago-based think tank.

[ & why ?

Because the practise of usury (charging interest) screws us every single day of our lives - that's why ]

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