More than 6,329 Chicago residents became homeless as of June this year. That is -- they lost their homes.
That's 34 percent more than last year from January to June. The ZIP code with the highest foreclosure rate is 60628 -- the Pullman and Roseland neighborhoods. There, more than 408 homeowners received default notices, the first step in foreclosure.
Perhaps you're thinking: What does this matter to me? I pay my mortgage on time, every month.
But here's the sad truth of this whole subprime loan crisis: We're all going to pay -- one way or another -- for these bad loans. For starters, we'll be paying higher property taxes to offset the slump in real estate prices, which took a nose dive partly because no one is going to pay a premium when there are fire sale prices on foreclosed homes.
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