Title: Mortgage Lending and Foreclosures in the Chicago Latino Community
1Mortgage Lending and Foreclosures in the Chicago
Latino Community
WOODSTOCK INSTITUTE
- Geoff Smith, Vice President
- Woodstock Institute
- Addressing the Foreclosure Crisis in the Latino
Community - Latino Policy Forum
- Federal Bank of Chicago
- October 30, 2008
2Mortgage Lending Context Potential Problem
Loans
Market Share Higher Cost Loans, 2006
Loans by Defunct Subprime Lenders, 2006
Source Home Mortgage Disclosure Act data (2006)
3 Mortgage Lending Context Disparities by
Borrower Race and Income
Higher Cost Lending Disparity Ratios by
Race/Ethnicity and Income Level of Borrower in
Chicago Six County Area, 2006
Source Woodstock Institute analysis of data
from Foreclosure Report of Chicago
4 Foreclosure Trends in the Chicago Region
- Quarterly Changes in Chicago Area
Foreclosure Starts, 2003 to 2008 1H
Source Woodstock Institute analysis of data
from Foreclosure Report of Chicago
5 Foreclosure Filings in the Chicago Region
- Chicago Areas Majority Latino Communities 2,825
residential properties with foreclosure filings
in 2008 1H - 80 Percent increase from 2007 1H
- Chicago Areas Majority Latino Community Areas
113.5 percent increase between 2005 and 2007 - Avondale 191.4
- Hermosa 171.8
- Brighton Park 156.0
- Belmont Cragin 153.0
- McKinley Park 150.0
- Chicago Areas Majority Latino Communities 22.6
filings per 1,000 properties, 2007 - Humboldt Park 42.3
- Hermosa 27.2
- Belmont Cragin 24.3
- Gage Park 21.4
- West Lawn 21.1
- South Lawndale 18.0
- Brighton Park 16.3
Source Woodstock Institute analysis of data
from Foreclosure Report of Chicago
6 Foreclosure Filings in the Chicago Region
- Chicago Areas Majority Latino Communities 2,825
residential properties with foreclosure filings
in 2008 1H - 80 Percent increase from 2007 1H
- Chicago Areas Majority Latino Communities
113.5 percent increase between 2005 and 2007 - Avondale 191.4
- Hermosa 171.8
- Brighton Park 156.0
- Belmont Cragin 153.0
- McKinley Park 150.0
- Chicago Areas Latino Communities 22.6 filings
per 1,000 properties, 2007 - Humboldt Park 42.3
- Hermosa 27.2
- Belmont Cragin 24.3
- Gage Park 21.4
- West Lawn 21.1
- South Lawndale 18.0
- Brighton Park 16.3
Source Woodstock Institute analysis of data
from Foreclosure Report of Chicago
7 Completed Foreclosures - Increasing Flow of REO
Properties Into Market
- Foreclosure Auctions by Volume and Outcome Type,
Majority Latino Communities 2005 to 2008 1H
Source Woodstock Institute analysis of data
from Foreclosure Report of Chicago
8 2007 2008 1H REO Foreclosure Auctions in
Chicago Region
- Chicagos Majority Latino Communities - 2,379
Foreclosure Auctions went to Lender (REO) - Chicago Community Areas
- Humboldt Park 341
- Belmont Cragin 218
- Logan Square 127
- Gage Park 109
- West Lawn 109
- South Lawndale 108
- Brighton Park 79
- Municipalities
- Elgin - 390
- Cicero 314
- Berwyn 218
- Carpentersville 196
Source Woodstock Institute analysis of data
from Foreclosure Report of Chicago
9 Disproportionate Impact on Communities of Color
- REO Auctions Compared to Mortgageable Properties
by Neighborhood Minority Level, 2007
Source Woodstock Institute analysis of data
from Foreclosure Report of Chicago
10Mortgage Lending and Foreclosures in the Latino
Community
WOODSTOCK INSTITUTE
- Geoff Smith, Vice President
- Woodstock Institute
- 29 E. Madison, Suite 1710
- Chicago, IL 60602
- www.woodstockinst.org