Blog

Jan
17
Chicago and Illinois Real Estate Market in Crisis

Chicago and Illinois Real Estate Market in Crisis

On behalf of Law Offices of Chad M. Hayward, P.C. posted in Home Foreclosure Defense on Friday, January 17, 2014.

If you live in an area hit hard by the recession, you probably know someone facing home foreclosure. According to a new study completed by a housing data provider, Illinois, and Chicago in particular, have been hit badly by the U.S. real estate crisis Reports claim that as many as one third of homes are, what many call, deeply underwater. This means that they carry a loan-to-value ratio of 125 percent or more. This means that the homeowners would likely not get enough out of the sale of their homes to cover the amount of the loan that remains.

In Chicago, approximately one third of homes were considered deeply underwater according to a report from Jan. 10. That includes over 700,000 properties. Some areas within the city are allegedly struggling worse than others, with foreclosures a major issue. The southwest side of the city is allegedly the worst off, with a strong concentration of foreclosures there. Few areas are in more dire situations than Chicago, but Las Vegas, Orlando, Tampa, Miami and Detroit all have higher percentages of properties that are considered to have the ratio of 125 percent or higher.

With everyone struggling around the U.S. due to the fall of real estate prices, it’s no wonder so many people are considering foreclosure. If you find yourself in the same situation, there are methods that could prevent your home from being taken from you. Speaking with an attorney about Illinois home foreclosure defense is one way that you may be able to protect yourself against those who would take your home away.

Source: NBC Chicago, “Real Estate Markets in Illinois and Chicago Remain in Crisis” Mark W. Anderson, Jan. 10, 2014


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All calls are routed through our Downtown office for your convenience.

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Locations

We have office locations throughout the Chicago Area:

Chicago (Downtown)

Schaumburg

Oak Brook

Naperville


All calls are routed through our Downtown office for your convenience.

Phone: 312-967-3159

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