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October 9, 2008

Sheriff Refuses to Evict Residents from Foreclosed Homes in Chicago
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In Illinois, the Cook County Sheriff has announced he will no longer
evict residents from foreclosed properties in Chicago. The department
was on pace to conduct 4,700 foreclosures this year, nearly triple the
number from two years ago. Sheriff Tom Dart said he took the measure
because an increasing number of the residents being evicted were renters
who might have been dutifully paying their rent. Under a new Chicago
law, renters are entitled to a ninety-day grace period, starting at the
time a foreclosure sale is confirmed, before they can be evicted. This
comes as the Wall Street Journal reports the relentless slide in home
prices has left nearly one in six US homeowners owing more on a mortgage
than their home is worth.



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