Wednesday, August 19, 2009

Orland moves up slowly to top 5 in southwest suburban home foreclosures

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Orland Park ranks number 5, but not in the nation's best communities, but rather in the Southwest suburbs' top 5 places for home foreclosers, according to Block Shopper. Therer have been 25 foreclosed homes so far in 2009, and that doesn't include those in the process.

Above Orland are, number 1, Burbank, followed by Tinley Park, Oak Forest, and Alsip.

Just below are Summit, Palos Hills, Worth, Chicago Ridge and Bridgeview. Home foreclosers represent not only the sleazy practices that were common among some realtors in the region who pushed people into homes, mortgages and re-mortgages they could not afford --many re-mortgages were based in realtors artificially inflating home equity values to permit larger loans i order to capture the process fees.

And of course, now the banks are paying through the nose and the only saving them -- a health insurance for the banking robber barons and investment low-lifes in the government bailout begun under former President George W. Bush. It's kind of like giving the banks a public health insurance option for their sickness, something denied to the public and people in need.

-- Ray Hanania

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