CHICAGO (WBBM) - the pace of home foreclosures picked up significantly last month in Illinois.
WBBM's Regine Schlesinger reports.
The California-based research firm RealtyTrac--www.realtytrac.com--finds that in October, foreclosures nationwide rose 5 percent over September, but in Illinois they were up nearly 25 percent over the previous month.
Nationally, 1 in 452 homes last month went into foreclosure. In Illinois, it was 1 in 410.
RealtyTrac's senior vice president Rick Sharga says Illinois now ranks 9th in the nation for home foreclosures, with most of those in the Chicago area. 6,900 of the state's 9,800 foreclosure filings last month were in Cook County.
The only glimmers of hope, says Sharga, are that by the middle of next year, we'll have exhausted the inventory of sub-prime loans and that major lenders including Citibank, Bank of America and JP Morgan are beginning to make significant modifications in the terms of some troubled mortgages.
President Obama's Weekly Address President Obama reflects on the meaning of the Fourth of July and the spirit of those who founded the United States of America.
Working For Obama White House records show that some of the Chicagoans who've taken jobs in the Obama administration have also taken major pay cuts. WBBM's Bob Conway reports.
Karl Malden Remembered WBBM's Steve Miller talked with a Chicago woman who knew Karl Malden when he was a young student at Chicago's Goodman School of Drama.
'Large amount' of cigarette cartons stolen Police are looking for a group of people who stole “a large amount” of cigarettes from a west suburban warehouse early Sunday.
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