Foreclosures.com: Unemployment May Spur Chicagoland Foreclosures.Business Editors/Real Estate Writers
SACRAMENTO, Calif.--(BUSINESS WIRE)--Feb. 11, 2003
Foreclosures.com a California based distressed property investment advisory firm and publisher of pre-foreclosure property cites a still soft Chicagoland economy; a cooling local housing market; and a creeping increase in unemployment as reasons for an expected increase in Chicago metro area This article is about the music production team. For the article about population centers, see metropolitan area.
Metro Area are a Brooklyn-based dance music production team composed of Morgan Geist and Darshan Jesrani. foreclosure foreclosure
Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. activity in early 2003.
"57,400 jobs were lost year over year as of December 2002 in the nine county Chicago metro area," said Foreclosures.com's president Alexis McGee, citing data from the Illinois Department of Employment Security. "And unemployment rose to 6.5% in the metro area and to 7% in the city itself," continued McGee.
She went on to say that Foreclosures.com had long observed a linkage between long-term unemployment and slowing home price appreciation that produces an increase in mortgage defaults. "While we don't have formal numbers yet, we do have reports from Chicago Realtors that indicate increases both in inventory and time on market. That means a slowdown in the resale market is happening."
Ms. McGee said that a buyer's market A Buyer's Market is the second novel in Anthony Powell's twelve-novel series, A Dance to the Music of Time. Published in 1952, it continues the story of narrator Nick Jenkins with his introduction into society after boarding school and university. usually creates a reduction in equity growth as sellers drop prices to meet buyer demands. "That means that troubled homeowners have a harder time refinancing their way out of looming difficulty."
She went on to say that unemployed or underemployed un·der·em·ployed
1. Employed only part-time when one needs and desires full-time employment.
2. Inadequately employed, especially employed at a low-paying job that requires less skill or training than one possesses. homeowners often can't make payments on their mortgages, and also can't qualify for new, lower rate loans. "They find themselves running out of both options and time, and are faced with the choice of making a quick sale to an investor to conserve some equity or losing everything at a sheriff's auction."
Foreclosures.com has been assisting distressed property investors and publishing pre-foreclosure property data on their website at www.foreclosures.com in California for more than a decade, and recently expanded their services to the Chicago and New York metro For the region, see .
Metro New York is a free daily newspaper in New York City started in 2004. Its main competition is AM New York, with which it practices many of the same distribution and marketing strategies. areas, all of New Jersey, and Phoenix AZ. The company also offers home study courses to train newcomers to foreclosure investing and provides one-on-one email consulting services to course graduates throughout the markets it serves.
"The Federal Reserve Bank of Chicago
The Federal Reserve Bank of Chicago is one of twelve regional Reserve Banks that, along with the Board of Governors in Washington, D.C. is cautiously optimistic op·ti·mist
1. One who usually expects a favorable outcome.
2. A believer in philosophical optimism.
op about 2003 after reporting five consecutive months of below-trend activity on January 30, 2003," said Ms, McGee. She continued, "But remember that foreclosure activity is a lagging indicator Lagging Indicator
A measurable economic factor that changes after the economy has already begun to follow a particular pattern or trend.
Lagging indicators confirm long-term trends, but do not predict them. . The ghosts of the recession are still haunting many Chicagoland homeowners, and until chronic unemployment recedes, many people remain in danger of losing their homes."