We've all read about the struggling U.S. housing market. Now on EveryBlock, Chicago residents can see specific data about how particular neighborhoods and blocks have been affected by foreclosure.
The foreclosures section reports when lenders file foreclosure papers in Circuit Court of Cook County. So far in 2008, more than 1,000 such filings have occurred each month in Chicago, with the number close to 2,000 in October.
A lot can happen after a foreclosure. One result — usually months after the foreclosure filing — is the auctioning of the property. In these cases,
a lender or bank usually buys the property the property is sold, or reverts back, to a lender or bank that provided financing for the purchase, though third parties can also make purchases. Our foreclosure auction results section lets you browse the data in various ways.
The new sections are the result of a partnership with Woodstock Institute, an organization that works to improve access to safe and affordable financial products and services. The folks at Woodstock purchase this data and conduct additional research to improve it (e.g., by categorizing the properties as single-family structures, multi-unit structures or condos).
Given the housing crisis and its role in the battered U.S. economy, we think this is a strong addition to our site and a huge service to our Chicago readers. Take a look.