Grim News On Foreclosed Homes In Chicago

The Chicago Tribune this morning posted sobering statistics about the soaring rate of foreclosed homes in Chicago. The year-end figures paint a picture of a local housing market brutalized by foreclosures over the past 3 years. 70,000 homeowners have received initial notices of mortgage defaults in 2009 - 24,000 of those in the fourth quarter alone!

The challenge is that once these properties are taken back by the banks, rarely are they suitable for a typical first time homebuyer to purchase - even at deeply discounted prices.

The city has received more that $150 million in funds since July from the Neighborhood Stabilization Program - a federal program designed to prevent total collapse of the housing stock in the city. Renovations are just getting under way with 43 developers participating in the program.

(For more information about the NSP in Chicago, click here.)

Private investors and contractors can also team up to accomplish much needed renovation of foreclosed homes. To listen to an instant replay of How To Use The FHA203k Program to purchase these properties, go to http://mnack.net now!

"To Your Success!"
mary!