Rising rate of foreclosures bring tragic end to dream of home ownership.
-Beacon News Sunday April 8, 2006
That's what the local press would have us believe. The press would have us believe that the foreclosure rate is on the rise. Wrong! That's what one might believe if all one did was read the front page of the Beacon News (a Chicago Sun-Times News Group paper).
Year over year we see that foreclosures have increased from 779 in 2003 to 1,223 in 2006; a 57% increase. That's what the front page would lead us believe. However, if we turn the page and dig deeper into the article we read,
About one out of every 100 homes... facing foreclosure, the same percentage as nationwide.
One percent! Hardly an epidemic and not on the rise! What the article failed to report is that this region, outside Chicago, is one of the fastest growing housing markets in the country! So with all the new houses being built, we would expect that the number of foreclosures, not percentage, would increase.
Guess the newspaper more interested in selling subscriptions, not information...
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