Foreclosure: Calumet City Among Worst Hit Chicago Towns

As Mary Ellen Podmolik reports for the Chicago Tribune, homeowners in the Chicago area are obviously still struggling when it comes to their mortgages and home foreclosure. The trend seems to indicate more "upside-down" homeowners - those who owe more on their mortgages than the amount they could get for their home on the market - in Chicago than elsewhere in the country.

Apparently a staggering $51.1 billion represents the loss of equity on Chicago-area homes alone (more than 600,000 homes) in recent months. Worst hit areas include Calumet City, Richton Park, North Kenwood, Park Forest and Rogers Park.

Chicago faces this trouble despite a slight national increase in home prices, according to real estate economist Stan Humphries, as Podmolik reports, meaning that while the rest of the nation seems to be recovering (albeit at a very sluggish clip), many Chicago-area homeowners aren't feeling much relief.

Rather than wait for the economy to turn around, some Chicago-area homeowners will find relief through bankruptcy. And, if not bankruptcy, which may not be the right option, foreclosure defense and other legal tactics may help struggling homeowners.

Source: Illinois foreclosure activity up 19% from a year ago

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