A significant new measure is being taken to stabilize the local foreclosure crisis. Multiple housing agencies are partnering with the city to buy up thousands of foreclosed homes over the next few years, and turn the majority into rentals. There's just not a market for many of these homes in distressed areas, even at rock-bottom prices, so the City and groups like Neighborhood Housing Services and Mercy Portfolio Services are acting as landlords in more and more cases. Additionally, they want to train local residents in the art of tenant screening, property management, and simply being a landlord. More than one in 10 houses in Chicago are vacant, and many are in some state of foreclosure. Their number is expected to increase. Help though this initiative may, as always, the elephant in the room is jobs. [Sun-Times]
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