Foreclosure activity has risen since the federal moratorium ended on July 31, 2021, and lenders could take back properties from homeowners who fell behind on their mortgages. The highest rates in the top 50 counties included Saint Clair County, IL (outside St. Louis, MO) (one in 121 residential properties facing possible foreclosure) and Cook County (Chicago), IL (one in 757).
The programs that provide incentives for home ownership never seem to get it right. One can titrate interest rates and down payments only so far. Zoning laws get in the way of housing supply. Would-be buyers in Seattle, and elsewhere, rush to pay more than they can really afford. (One supposes tax agencies love the higher valuations.) Result: people get sick, lose jobs, bite off more than they can chew. Some warrant our sympathy and others are the victims of their own grandiosity. Most recover from the experience. It seems futile to try to fix it. The cures are generally… Read more »
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
The programs that provide incentives for home ownership never seem to get it right. One can titrate interest rates and down payments only so far. Zoning laws get in the way of housing supply. Would-be buyers in Seattle, and elsewhere, rush to pay more than they can really afford. (One supposes tax agencies love the higher valuations.) Result: people get sick, lose jobs, bite off more than they can chew. Some warrant our sympathy and others are the victims of their own grandiosity. Most recover from the experience. It seems futile to try to fix it. The cures are generally… Read more »