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Foreclosures and renters

More than a third of Chicago’s 14,000 foreclosures last year involved two- to six-flat buildings — and “in some neighborhoods, the majority of foreclosures involve small apartment buildings,” Dave Roeder writes in the Sun-Times today, based on a Woodstock Institute report.

In West Garfield Park, small apartment buildings accounted for 87 percent of foreclosures; in several West Side neighborhoods the number is over 70  percent, according to Roeder.

“Without efforts to keep the units in foreclosed buildings rented, the institute warned that the loan crisis will diminish the supply of affordable apartments and destabilize communities.”

(See last month’s Newstip, “Foreclosures Displacing Renters,” and this update.)

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Category: foreclosures, housing

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