Cook County Introduces Program to Prevent Evictions

Toni Preckwinkle (Getty)

Toni Preckwinkle (Getty)

Cook County is rolling out a program that will initially provide $1 million to limit the expected avalanche of evictions and foreclosures residents face.

County Board President Toni Preckwinkle this week unveiled “Cook County Legal Aid for Housing and Debt,” according to Crain’s.

During a press conference, Preckwinkle said the wave of evictions and foreclosures will hit especially hard “the most vulnerable among us, Black and brown residents.” She added, “This is unacceptable.”

Preckwinkle also called on Congress for additional aid that will help fund the initiative. The program’s initial money will come from the county’s share of the federal CARES Act.

The first major component to the program is designed to help tenants and landlords find a payment plan without going to court. If the sides can’t agree, the aim will be to create “a dignified exit by the tenant,” such as providing time for the

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With State Moratorium Lifted, Evictions Spike in South Florida

Florida’s moratorium on evictions and foreclosures expired at the end of September. Since then, enforcement of eviction orders has resumed in some counties.



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From April to the end of September, the state didn’t allow renters to be evicted from their homes, giving people some time to get through the tough times caused by COVID-19.

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“The order which was put in place to help, but there’s always people there to take advantage of something that is good,” said Kandace Edwards, a local landlord.

Edwards says the state moratorium made it difficult to evict a tenant who was not paying rent.

“Not until the beginning of October that BSO said they could finally go in and on October 7, the officer came here and put the sticker on the door,” Edwards said. “By that time, she was long gone.”

But Edwards says she is out

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Most Foreclosures are on Vacant, Abandoned Properties

house, home, housing, residentialDespite widespread foreclosure moratoria, completed foreclosure auctions are percolating, the Q4 Distressed Market Outlook from Aution.com shows.

While remaining below 78% below year-ago levels, there was a 24% uptick of completed foreclosure auctions to a six-month high in September.

That said, the moratoria have played a part in creating a backlog of likely foreclosures that an Auction.com analysis estimates will grow to more than 1.1 million by Q2 2021.

At 92%, Colorado paced the list of states with an above-average share of year-ago foreclosure volume in September. Rounding on the top states on the list were Oklahoma, 86%; Kentucky, 56%, Arkansas, 54%; and Indiana, 49%.

Conversely, among states with a below-average share of year-ago foreclosure volume were New York, Oregon and New Jersey, all at 0%, while Washington and Massachusetts came in at 5%.

“Foreclosure supply is slowly returning to the market as servicers refine their vacant or abandoned procedures

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For hot housing market, end of forbearance could prove non-issue

More than 2.5 million American homeowners have stopped paying their mortgages, taking advantage of penalty-free forbearance periods offered by lenders.



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What happens when the free pass fades away next year? Not much, and certainly nothing approaching the flood of foreclosures that defined the Great Recession, according to the emerging consensus among economists. While some homeowners are sure to feel the pain of forced sales, housing experts increasingly expect the end of forbearance to be a non-event for the gravity-defying housing market.

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That’s largely because home prices have risen sharply during the coronavirus pandemic. As a result, homeowners who find themselves unable to pay their mortgages when their forbearance periods end likely will be able to sell for a profit, rather than going into foreclosure.

“If they have equity, they can always sell off the house and pay the mortgage,” says Ralph DeFranco, global

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Massachusetts evictions start to see exponential rise

Eviction filings in Massachusetts are seeing an exponential rise as courts prepare to hear the first cases filed against tenants behind on rent amid the coronavirus pandemic that has spurred widespread business closures and mass unemployment.



a sign in front of a building: BOSTON, MA. - OCTOBER 15: Protester hold a signs during a rally to prevent Massachusetts evictions in front of Boston Housing Court on October 15, 2020 in Boston, Massachusetts.  (Staff Photo By Matt Stone/ MediaNews Group/Boston Herald)


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BOSTON, MA. – OCTOBER 15: Protester hold a signs during a rally to prevent Massachusetts evictions in front of Boston Housing Court on October 15, 2020 in Boston, Massachusetts. (Staff Photo By Matt Stone/ MediaNews Group/Boston Herald)

In the five weeks since a moratorium on evictions and foreclosures ended, eviction filings have nearly doubled every week, jumping from 21 on Oct. 19 to 689 last week and housing advocates warn its a trend likely to continue.

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“We are now really just at the start of the eviction process being fully open in the wake of the lapse of the moratorium and it remains a real concern to

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Housing and Mortgage Trends to Watch For in 2021

By Holden Lewis

The Covid-19 pandemic will continue to touch every corner of the housing market in 2021. It will keep mortgage rates low and affect who will be able to buy homes.

That’s not all. A wave of foreclosures will begin in 2021 unless lenders, nonprofits and the federal government coordinate effectively to prevent it. And housing inequality almost surely will get worse.

Here are the housing and mortgage trends to watch for in 2021, starting with an outlook for mortgage rates and home sales.

1. Mortgage Rates May Slide Even More

After hitting record lows in 2020, 30-year fixed mortgage rates are forecast to fall even further in 2021.

The 30-year mortgage rate is expected to average 3.075% in 2021, down from 3.125% in 2020, according to an average of forecasts from Fannie Mae  (FNMA) , Freddie Mac  (FMCC) , the National Association of

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State Court Budget Forecast: Stormy, With Rising Backlogs

State Court Budget Forecast: Stormy, With Rising Backlogs

By Andrew Strickler

November 23, 2020

As state lawmakers begin preparing for upcoming legislative sessions amid a resurgent pandemic, a scattered but largely grim outlook for state court funding is beginning to take shape.

With some judicial administrators already dealing with staggered budgets and new technology costs, experts and advocates say court leaders have their work cut out for them to convince budget analysts and lawmakers to pay for pandemic recovery efforts.

Perhaps nowhere is the coming financial strain more apparent than in Florida, where legislators began gathering Tuesday in Tallahassee to face a historic $5.4 billion budget deficit over the next two years.

There, court leaders have drawn on their experiences dealing with a crush of foreclosures and other litigation following the 2008 financial crisis to project that nearly 1 million additional cases will be in front of the

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Biden Team, Pushing Quick Stimulus Deal, Prepares for Renewed Recession

WASHINGTON — Advisers to President-elect Joseph R. Biden Jr. are planning for the increasing likelihood that the United States economy is headed for a “double-dip” recession early next year. They are pushing for Democratic leaders in Congress to reach a quick stimulus deal with Senate Republicans, even if it falls short of the larger package Democrats have been seeking, according to people familiar with the discussions.

Until now, Mr. Biden, Speaker Nancy Pelosi of California and Senator Chuck Schumer of New York, the Democratic leader, have insisted that Republicans agree to a spending bill of $2 trillion or more, while Senator Mitch McConnell of Kentucky, the majority leader, wants a much smaller package. The resulting impasse has threatened to delay additional economic aid until after Mr. Biden’s inauguration on Jan. 20.

Many of the president-elect’s advisers have become convinced that deteriorating economic conditions from the renewed surge in Covid-19 infections

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The Property Line: 8 Housing and Mortgage Trends for 2021

The COVID-19 pandemic will continue to touch every corner of the housing market in 2021. It will keep mortgage rates low and affect who will be able to buy homes.

That’s not all. A wave of foreclosures will begin in 2021 unless lenders, nonprofits and the federal government coordinate effectively to prevent it. And housing inequality almost surely will get worse.

Here are the housing and mortgage trends to watch for in 2021, starting with an outlook for mortgage rates and home sales.

1. Mortgage rates may slide even more

After hitting record lows in 2020, 30-year fixed mortgage rates are forecast to fall even further in 2021.

The 30-year mortgage rate is expected to average 3.075% in 2021, down from 3.125% in 2020, according to an average of forecasts from Fannie Mae, Freddie Mac, the National Association of Realtors and the Mortgage Bankers Association.

Three of those organizations

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Coronavirus hasn’t created wave of Cuyahoga County foreclosures, though housing advocates brace for difficult 2021

CLEVELAND, Ohio – The wave of foreclosures that some housing advocates feared because of the coronavirus pandemic has not materialized in Cuyahoga County, by all accounts.

But those same advocates said they are bracing for an increase of people pushed to the brink of losing their houses, especially if federal lawmakers don’t pass a bill that provides stimulus payments to Americans, as well as more relief to people out of work.

Payments from a stimulus package signed by President Donald Trump in March likely prevented a lot of foreclosures, they said.

“We worry about what’s going to happen next year without some form of assistance,” said Andy Nikiforovs, executive director of Community Housing Solutions in Cleveland.

Data provided by the Western Reserve Land Conservancy showed that the number of mortgage foreclosure lawsuits filed in Cuyahoga County dramatically dropped between March and April of this year, from 209 to 45. The

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