Chicago

Chicago ordinance brings property preservation to the forefront 

The decision by the Chicago City Council requiring banks, mortgage servicers and institutional investors to maintain vacant properties before the homes complete the foreclosure process is no surprise.

Frustrated by an expanding number of such properties — 18,320 by some expert estimates, with two-thirds in the process of foreclosure for more than a year — city officials there are searching for some way to keep them intact and not feed further problems such as vandalism, deterioration and unhealthy conditions. Revenue generation is another motivation, but often secondary.