Chicago Area Foreclosures Skyrocket 72 Percent
March 12th, 2009Via: CBS2Chicago:
New measures by the federal government to help struggling homeowners start soon, but not fast enough for a growing number of families in the Chicago area.
New figures indicate that 290,000 properties around the country were hit with foreclosure notices in February, up 6 percent from January and 30 percent from the same time in 2008.
As CBS 2’s Joanie Lum reports, in Cook County alone, there are 277 foreclosure filings a day, an increase of 72 percent in recent weeks. Later Thursday, Cook County Circuit Court Clerk Dorothy Brown is holding a news conference to discuss the Chicago area crisis.
Brown says banks are rushing homeowners into foreclosure rather than working with them to restructure loans.
