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01-09-2009 Foreclosure Crisis Impacts Chicago’s Rental Housing Market
Report/Study Woodstock Institute

This May 2008 report by the Woodstock Institute documents the impact of the foreclosure crisis on Cook County's affordable rental market. It includes statistics and full-color graphs and maps.

From the report's conclusion:
Going forward, it is critical that policy makers consider the impact of the foreclosure crisis on the rental housing market. Foreclosures on 2- to 6-unit buildings made up over 35 percent of the foreclosures on residential properties in the City of Chicago in 2007. These types of buildings make up a substantial share of the overall rental housing market in the city. Additionally, many of the community areas with the highest concentrations of foreclosures on small multifamily buildings are also those that have seen the largest recent declines in rental housing units. As the number of foreclosures on small multifamily properties grows, mechanisms need to be in place to facilitate the process of municipal governments, non-profit agencies, and the private market acquiring these properties and keeping them active in the rental market. Without such vehicles, large inventories of potentially usable buildings will remain vacant, and the affect of foreclosures will continue to threaten community stability.

Download the full report via the link below.

Issue(s): Low-Cost Rental Production & Preservation, Mortgage Foreclosure
Topic(s): Census Data, Housing Market, Mortgage Foreclosure, Rental Market: How It's Affected by Foreclosure, Subsidized Housing
Download(s): Foreclosure Crisis Impacts Chicago's Rental Housing Market - Woodstock Institute.pdf
 
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