Because Chicago is one of the largest metropolitan areas in the country, it should be no surprise that it would be hit fairly hard by the real estate market problems. However, no one suspected it would be the second highest major metro area in the United States in terms of foreclosures. Only Los Angeles is currently beating it. Two of the countries most affected by foreclosures in Chicago are Cook and Will. One in every 313 properties in Cook Country and one in every 226 properties in Will County have at least been notified of foreclosure on the property. That's compared to one in every 452 homes in the rest of the country.
As with other major cities like Atlanta, the root of the problem with foreclosures in Chicago is the high minority population. Lenders were targeting African Americans and Hispanics with the sub-prime loans which have made paying off mortgages nearly impossible thanks to the adjustments in interest rates that dramatically increase monthly payments.
Unfortunately, foreclosures in Chicago have no real solution as of yet. The rates continue to increase monthly and more people end up without homes. Many in the Windy City are left hoping that things will improve in the near future but things don't look good.
