Oct 20, 2008 10:23 am US/Central
Foreclosure Court So Busy It Gets 4 More Judges
Cook County Mortgage Foreclosures Up 48 Percent In Year's First Half
CHICAGO (CBS) ―
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The Daley Center courthouse, with the Picasso sculpture and the County Building in the foreground. The foreclosure court on the 28th floor of the courthouse is so busy that four more judges have been assigned to it.
CBS
A bleak snapshot of the housing crisis can be found on the 28th floor of the Daley Center, where Cook County's foreclosure court is located.
The foreclosure court, a part of the Chancery Division, is a place that is busy and getting busier. Mortgage foreclosures were up about 48 percent in the first half of the year, and they are expected to surpass 42,000 by year's end.
WBBM 780: Mike Krauser reports.To keep up with demand, the Chicago Tribune reports, the number of judges hearing the cases has been increased from 10 to 14.
The purpose is not just dealing with the current load, but preparing for what is to come.
Since foreclosures can take a year to get through the system, judges in the court are still dealing with foreclosures filed last year. Thus, the full impact of the housing crisis, evident though it may be, is yet to come.
The situation is expected to get worse, and on top of it county officials say 80 percent of cases go uncontested and do not end up in court at all.
Mike Krauser, WBBM Newsradio 780
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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