Monday, May 10, 2010

Forclosure crisis hits rental buildings

From Lawyers' Committee for Better Housing

On average more than 125 multi-family buildings in Chicago went into foreclosure each week in 2009

More rental units impacted than owner-occupied units.

CHICAGO-The foreclosure crisis affected thousands more renters than homeowners in the City of Chicago in 2009, according to a report released today by the Lawyers' Committee for Better Housing (LCBH). Lenders filed foreclosure actions on 6,560 multi-family rental properties in the City of Chicago containing a total of 20,691 units. LCBH's Report estimates 3,,000 to 4,000 more rental units were impacted by foreclosure than owner-occupied units during the year.

The Report, "Chicago Apartment Building Foreclosures: Impact on Tenants" sheds light on the issues facing tenants, who continue to be the hidden and innocent victims in the ongoing foreclosure crisis. In addition, the Report identifies Chicago community areas most affected, the lenders with the largest number of foreclosure filings on apartment building, and the rental units these represent.

The in-depth Report on rental property foreclosure sis an outgrowth of LCBH's 2009 "Weekly Foreclosure Reports on Chicago Rental Housing," used by tenant advocates and neighborhood groups to identify rental properties in foreclosure early in the process so as to reach out to affected tenants.

The full report is available online at

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