Headlines vs Reality

There seems to be a bit more chatter in the press about a "new economic outlook" for the country. Some economists are even talking about a "mid-year turnaround" (read THIS).

Well I did a cursory search on the housing website hotpads.com for "foreclosed property" in my zipcode (60607, click through HERE), and WOW!!!!! I discovered something I could not have known: my neighbors are feeling the absolute crush of the economic downturn already. There is no denying this fact when there are 40 foreclosures within a 6 square block area.

The map below is startling, with each red house representing a foreclosed residential property (CLICK FOR LARGER IMAGE):

Well over 600 foreclosures in 8 of the best neighborhoods in Chicago: Streeterville, Gold Coast, Loop, West Loop, River West, West Town, New East and (oh my goodness!!!!!!!!!!!!!) South Loop, which is starting to get national attention for it's housing woes. 

Read a bit more about South Loop HERE (read the comment section as well, there a few people I truly respect that weigh in on the topic).

This does not even aggregate all the foreclosure data available. There are lots and lots more, but to stare at in visual form on a map just brings the scale of the problem into focus.

Hunker down people, in the world of economist and newspaper people, alternate reality is the new reality. I am not young and I have never lived through what we have experienced thus far, let alone what cometh.

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