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Showing posts from December 14, 2008

Pointilism in West Lawn

Here is a fairly sobering graphic. The map shows ONE ZIP CODE on Chicago's South West Side, 60629.

The red dots represent all of the properties in that zip code that are either in pre-foreclosure or are already bank owned. In just the first four months of 2008 alone, there were nearly 600 foreclosure lawsuits initiated in this area. The map was put together by the Southwest Organizing Project and LISC/Chicago. It was the centerpiece of Senator Durbin's testimony to the Financial Services and General Government Appropriations Subcommittee Hearing last week.

Just about every real estate lawyer I know has handled closing involving distressed properties. I certainly have worked on FAR TOO MANY bank-owned properties; foreclosure-pending properties; and short sales. I have seen an unsettling number of other sellers pay money at closing to complete a closing. These are not happy transactions.

But they are each individual tragedies. Isolated deals. Each family suffers the pain once. They…