Report: Chicago Homes In Foreclosure Up In 2009

Tuesday, March 16, 2010 A new report say the number of Chicago homes in foreclosure was up 16 percent in 2009 compared to 2008.

The National People's Action's 2009 Chicago Foreclosure Report says more than 23,000 homes in the area were in foreclosure last year.

Senator Dick Durbin says the report suggests foreclosures are no longer being driven primarily by the years of what he calls predatory lending. The Illinois Democrats says they're now driven more by unemployment and homeowners who owe more than homes are worth.

In a statement about the new report, Durbin's office cited figures showing 11 million homeowners nationwide owe more than their homes are worth. As of the end of last year, other data shows that the average underwater borrower owes $70,000 more than their home is worth.

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