The following report illustrates the relationship between foreclosures and vacant properties in the City of Chicago. It combines data from the City of Chicago on vacant and potentially vacant buildings with data on foreclosure filings, completed foreclosure auctions, and property transfers to better understand the number of vacant properties that have at some point been part of the foreclosure process. It identifies a group of ―red flag‖ properties which are troubled vacant properties where a foreclosure has been filed, but no outcome has been reached. For such vacant properties, particularly those that have been in the foreclosure process for many years, there are concerns that the servicer has chosen to ―walk away‖ from the property leaving no clear accountable party for problems that may arise there. The report also identifies a group of lender-owned, foreclosed properties that most likely are vacant and not in compliance with the City of Chicago’s vacant building regulations.
Full report below…