2010 Foreclosure Report
LCBH’s Tenants in Foreclosure Intervention Project released its 2010 Report entitled "Banks Avoid Foreclosure Laws, Uproot Renters: A Call for Enforcement of Tenant Protections." This is the second annual report of the project and outlines the Community Areas at risk of destabilization due to the number and percentage of rental units either in foreclosure, or bank- or investor-owned. The report also examines the widespread violations of tenants’ rights that have come to LCBH’s attention through direct work with Chicago tenants.
Specific report findings include:
- In 2010, 5,904 Apartment Buildings went into foreclosure within the City; these properties contain approximately 17,467 units;
- In the two-year period of 2009 and 2010, 12,334 Chicago Apartment Buildings went into foreclosure affecting approximately 37,726 units; the number of units in foreclosure over the past two years is greater than all housing units in Austin, one of the largest Community Areas in Chicago;
- The same Community Areas most impacted by foreclosure in 2009 were again inundated with high rates of Apartment Building foreclosure filings in 2010. This compounded burden is expected to encumber the community resources of these areas, leading to a loss of available rental housing and to further disinvestment;
- The Community Areas with at least 10% of their available rental units impacted by foreclosure from January of 2009 through December of 2010 are almost entirely situated on the south and west sides of Chicago, forming a virtual “foreclosure belt” across the City;
- Community Areas that are predominantly African American and Hispanic/Latino face greater risks to rental housing stability: 16 of the 25 Community Areas with the greatest risk to rental housing stability are composed of populations that are more than 95% minority.