3 quick takeaways from the mortgage conference happening right now

3 quick takeaways from the mortgage conference happening right now

Tidbits from SourceMedia Mortgage Servicing conference

New home sales plummet 14.5% in March

Spring buying season off with a whimper

4 metrics reveal California's true housing market

Foreclosures dwindle as home prices skyrocket
W S
Servicing / The Ticker

Chicago embraces plan for handling tenants after foreclosure auction

/ Print / Reprints /
| Share More
/ Text Size+

Foreclosures can leave rental tenants in a perilous situation especially when a property – previously owned by another landlord – suddenly is replaced by a party that bought the building through foreclosure auction.

This situation prompted Chicago Mayor Rahm Emanuel to support a plan that would force anyone who acquires a rental building through court-ordered foreclosure auction to pay tenants up to $12,000 per unit to move out or offer them rent-controlled extended leases until the building is sold, the Chicago-Tribune reported.

Source: Chicago Tribune
Read full story

Recent Articles by HousingWire Staff

Comments powered by Disqus