Friday, June 8, 2012

Crain's: Where Chicago's vacant homes are

I just wish there was a way to find more data about the vacancies in many of our south side communities:
Not surprisingly, South Side neighborhoods that have been hit hardest by the foreclosure crisis and recession have the highest concentration of vacant properties. North Side lakefront wards, including the 44th Ward in Lakeview, 48th Ward in Edgewater, and the 43rd Ward in Lincoln Park, were at the bottom of the list, each with fewer than 20 vacant buildings.

The data cover more than 6,000 vacant properties that were registered with the buildings department as of last month. Though homes account for most of the vacancies, the data also include commercial properties.
The neighboring 17th Ward with 358 eads the city with the number of vacancies. Another south side ward the 34th has 352 vacancies.

Solutions to this problem includes forcing mortgage companies to register properties under foreclosure and mortgage companies must also maintain these properties. Violators who fail to do so are fined. Another solution is a county "lank bank" that would purchase and sell vacant properties.

What do you think of those solutions? Are there any other ideas on the issue of vacant properties?

Hat-tip Curbed Chicago!

1 comment:

  1. What I find most fascinating is that there seems to be no direct correlation between foreclosures and income (otherwise, 39th, 46th, 49th and 50th wards would be much more affected and 36th and 41st wards wouldn't be as affected as they were). However, I noticed that the wards that experienced the least foreclosures tend to scew younger. From what I've gathered, the average age of the population of most South Side neighborhoods (regardless of their income level) has been gradually increasing.

    I think the solutions you suggested will go a long way toward stemming some foreclosure-related neighborhood issues, but on the long run.... Those houses can't remain empty forever. Something will have to be done to fill them again.


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