Friday, September 09, 2016

Decline and fall: Chicago trails only Detroit in vacant bank-owned homes

Abandoned South Side
Chicago home
Chicago's trajectory to Detroit-style failure is on right on track. And the effects of the public-sector worker pension bailout by way of the largest property tax hike in Chicago history probably won't kick in for a few more years. Oh, the skyrocketing murder rate will accelerate the rot too.

From the Chicago Tribune:
Chicago has the second-most vacant bank-owned homes in the country after Detroit, according to Attom, parent of RealtyTrac.

In its third-quarter report, Attom said Chicago had 2,379 empty homes that are finished with the foreclosure process and waiting to be sold by banks. That's up from 1,240 homes from a year ago, an increase of 92 percent. Detroit has 2,386 vacant bank-owned properties, while Miami has 1,880, Philadelphia 1,737, and New York 1,668.

Much of the nation's foreclosure inventory has been sold thanks to buyers looking for deals and banks were able to get a good price as the number of available homes for sale has tightened.
But Chicago and Detroit cling to failure and despair.

Hat tip to Cal Skinner of the McHenry County Blog.

From my post at Da Tech Guy:

I walked its streets--the tragedy of Detroit

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