When I looked at the statewide map of foreclosures in last Thursday’s Chicago Tribune There was a ring from the Indiana to the Wisconsin line.
It surrounded Cook, DuPage and Lake Counties.
Kane, Kendall, McHenry and Will Counties had foreclosure rates higher than 3%.
Nowhere else in Illinois are the foreclosure rates as high.
The numbers follow:
- Kendall – 3.87%
- Will – 3.44%
- Kane – 3.13%
- McHenry – 3.13%
Clearly, the recession is not over.
Hmmm…
All GOP Counties.
Top 30 in per capita taxes, 10,000 jobs lost, questionable spending, 4th highest foreclosure rate – there must be a correlation.
Isn’t it time to put some new faces on the County Board?
But no more Republicans behaving badly like Democrats!
Some people have been not paying their mortgage for two years, the house gets foreclosed, then they buy a new house with the money they saved by not paying their mortgage for two years.
Foreclosure laws vary by state.
High property taxes only make the foreclosure rate worse and force seniors and citizens of McHenry County to fall deeper into crisis.
There are also few good paying jobs out here.
And all counties where growth was high.
Local people in these high growth counties wanted it so they could have home rule.
McHenry grew residential which adds to taxes and did not build more industrial parks or businesses to give taxes.
Land was rezoned from business to residential.
Now we say McHenry County will have a water shortage.
hort sided thinking and planning causes problems.
I think you mean clearly the results of the recession are not over.
That there are foreclosures at this pace neither confirms or refutes the continuance of the recession.
I think largely those statistics are not as indicative of certain items as much as people think.
In counties closer to Chicago and Cook county itself, there is a much larger real estate investment market as compared to those counties inside ‘the ring’.
It is very likely that those properties were sold in a short sale or something similar before the foreclosure paper work was filed with the respective courts.
Investors realized the high income potential during the mortgage crisis and banks realized they couldn’t handle the exorbitant legal fees compounded with the massive amount of lost revenue from people not paying on their ‘under water’ mortgages.
The reality of it is that Mchenry County has no job market.