Chicago city in Illinois State is bustling and prosperous. Chicago is in Cook County and sitting next to Lake Michigan it ranks 25th among the world’s largest cities. With an international economic presence Chicago is an alpha city. Its link between the Great Lakes and the Mississippi River added to its importance ever since it was founded in 1833. With two international airports Chicago is a hub of cultural diversity. The name of Barack Obama is closely linked with Chicago adding to its name and fame.

Today Chicago is famous for another reason - Chicago foreclosed homes. The number of Chicago foreclosed homes are increasing by leaps and bounds according to the latest July news (Sun Times). Chicago foreclosed homes have spiked by 58% from what it was during the second quarter of 2007. It is some consolation however that the national picture is worse.

It defies analysis why such a prosperous city should now catch the headlines because of Chicago foreclosed homes. Perhaps its very prosperity attracted many unwarranted moves that lead to the rise in Chicago foreclosed homes. The number of Chicago foreclosed homes has made the city rank 35th among the top USA metropolitan zones. This spike in Chicago foreclosed homes has had a negative impact on the real estate market making it impossible for borrowers to sell their houses and save their names from bad credit. They cannot sell the houses either and enter a new affordable contract because of the slump in the real estate market. With the number of Chicago foreclosed homes worsening the situation is going from bad to worse.

The story of Chicago foreclosed homes is not just about statistics but also about real people evicted from houses that have been their homes. Their misery cannot be measured by numbers and figures. Chicago foreclosed homes is causing untold suffering and this resentment is piling up in society.

There were 21,488 Chicago foreclosed homes - the word foreclosure referring to any one of the different stages of the judicial process, during the second quarter of 2008. According to RealtyTrac these Chicago foreclosed homes calculates to a rate of 1:144. The jump is by 22% from the previous first quarter of this year and a 58.3% from that of the same second quarter in 2007.

In May however, Chicago foreclosure movements fell by20% with 5,549 foreclosure filings in the eight County Chicago metropolitan zones. It calculated to a rate of 1:524.

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