R. Kelly Faces Foreclosure

No stranger to controversy, it seems R&B singer/songwriter, superstar R. Kelly is facing foreclosure on his Chicago home. How can this happen when his net worth is estimated to be in the neighborhood of $150 million? On My CBS Moneywatch Home Equity Blog, I explore some popular theories behind his situation.

But is R. Kelly's bank account to blame or the city in which he chose to live? Chicago may not have more foreclosures than, say, Las Vegas, Phoenix or Miami. But, according to RealtyTrac, Chicago has some less-than glamorous housing statistics such as:

• Most ongoing foreclosures.
• Selling fewer homes than any other metropolitan area with exception to New York.

Want to know more about his house? Curious to why a multi-millionaire is facing foreclosure? Read the full post.

Ilyce R. Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com and The Equifax Personal Finance Blog, and is Chief Content Strategist at RealtyJoin.com, a community for real estate investors.