15,000 Properties Remain Vacant in Chicago

According to recent figures there are nearly 15,000 vacant properties in Chicago, 85% of which are in the foreclosure process.

Yet Chicago is not the only area of the country dealing with an increasing number of vacant properties.  On average mortgage lenders have anywhere from 1.3 million to 5.3 million properties on their records, a majority of which are just sitting vacant while lenders wait for a turnaround in the housing market.  Housing Wire, an industry magazine, wrote last month that thanks to government-sponsored mortgage programs, American taxpayers own 360,000 foreclosed homes.  This number represents a 47 percent increase from the year before.

In fact, this figure will only worsen as there are currently 600,000 homes guaranteed protection through the Federal Housing Authority, according to Capital Economics.

Not only do these vacant properties represent lost financial potential to lenders but the value of these properties will continue to decline as they are subject to arson and physical deterioration due to the elements.

If you are looking to fight foreclosure in Chicago, contact our law firm to discuss your options with a Chicago bankruptcy attorney.