Northwest Side Chicago Facing High Foreclosure Rate
Posted in Foreclosed Homes, December 16th, 2008
The neighborhood area of Northwest Side Chicago has witnessed foreclosure to double up in the first quarter of 2008 in comparison to the figure a year back. This rise in foreclosure is termed as foreclosure “starts”. According to the data of the Chicago-based Woodstock Institute, there has been an increase of above 100 percent in this region of Chicago. This institute is engaged in the promotion of community reinvestment as well as economic development in the minority and low income real estate areas. There have been a total of 8,827 foreclosure filings during the first quarter of 2008. It stood at 6,202 during the same period a year back. This shows an increase of nearly 42 percent.
The total number of foreclosures between January and December 2007 stood at 13,872. The 77 community areas of the city highlights that Edison Park Community Area 9 has witnessed an increase by 120 percent in its foreclosure filings. This was 11 in the first quarter of 2008 and 5 in the first quarter of 2007. The total number stood at 15 at the end of 2007. The Forest Glen Community Area 12 that also has Sauganash and Edgebrook within its area witnessed a 121.4 percent hike with 14 in the first half of 2007 and 31 in the first half of 2008. The total number stood at 40 a year back.
The O’Hare Community Area 76 that has Northwest Side west of Cumberland Avenue within its area witnessed a 330 percent increase with 10 in the initial six months of 2007 and 43 during the same period in 2007. The total number stood at 28 a year back. The Jefferson Park Community Area 11 came across a 67.9 percent increase. This was 28 in the initial six months of 2007 and 47 during the same period this year. The total number stood at 65 in 2007. The Norwood Park 10 witnessed an increase by 114.3 percent. This area also includes parts of Gladstone Park and Oriole Park with 35 in the first quarter of 2007 and 35 through June in 2008. Last year, the total number stood at 85.
The five wards of Northwest Side have also seen the foreclosure to go double in its real estate. The 36th Ward saw an increase in its foreclosure filings by 125.2 percent, 38th Ward 107.6 percent, 39th Ward 117 percent, and 45th Ward 105 percent.
