Suburban Exodus Regions Now Among Hardest Hit By Housing Downturn

While property values in Chicago have suffered, the housing market is also suffering in the distant suburban markets that were once among the fastest-growing in the United States. An August 22, 2011, article from the Chicago News Cooperative reported that in 2009 and 2010, Kendall County was among the top foreclosure rates in Illinois after seeing a growth of “some 110 percent” between 2000 and 2010 and being the fastest-growing county in the country, according to the Census Bureau.

Erik Doersching, vice president of the Schaumburg-based real estate analysis firm, Tracy Cross & Associates, told the CNC that the “sudden halt to building in the far suburbs has changed the way people define the contours of the Chicago region.” He added that “places that were verging on becoming part of the Chicago area … have reverted to rural status and are likely to stay that way for at least another generation.”

The CNC article noted that while the downturn has meant a good bargain for some recent buyers, it’s been much harder on people losing homes-voluntarily or by foreclosure -where people in smaller towns “tend to know other people’s business.” As Diane Hammon, the president of the DeKalb Area Association of Realtors, told the CNC about what she tells the people “absolutely crushed with embarrassment” at closings she sits with them at, “Look, this isn’t your fault. You got sick. Or you went through a divorce. Or you lost your job. You’re not alone.”

People all over Illinois are dealing with these issues, and if a bank is unwilling to cooperate and accept a loan modification that will keep you in your home, our lawyers can help you in filing for Chapter 13 bankruptcy in order to halt foreclosure proceedings and any other collection activities.

Benjamin Brand Services – Chicago bankruptcy lawyers

 

Leave a Comment

Call Now ButtonCall Now