We Toured The Hardest-Hit neighbourhood In The Weakest Housing Market In The Country

ashburn chicago housing market

[credit provider=”Rob Wile/Business Insider”]

Some believe the housing market is recovering.But we should really be talking about housing markets.

While some cities are booming, other cities are showing signs of weakening.

According to Case-Shiller, the city with the worst 2012 has been Chicago.

Yesterday we learned the city has now seen at least two consecutive monthly declines.

Chicago’s October foreclosure rate increased 3.6 per cent from September and 18.6 per cent from the same period one year ago, according to the Chicago Tribune’s Mary-Ellen Podmolik.

What’s going on here?

We took a tour of Ashburn, a working-class neighbourhood on the city’s southwest side, to get a ground-level view of what’s happening. 

Ashburn boasts the city’s highest foreclosure rate — 1 in 137 units is seeing bank action, according to RealtyTrac.

That’s higher than parts of Southern California.

If you want to see the best case for why housing has not recovered, read on.

[slideshow]
[slide
permalink=”ashburn-is-on-the-southwest-side-of-the-city-it-was-the-site-of-the-citys-first-ever-airport-1″
title=”Ashburn is on the southwest side of the city. It was the site of the city’s first-ever airport.”
content=””
image=”http://static.businessinsider.com/image/50dc641e6bb3f7a257000006/image.jpg”
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]
[slide
permalink=”the-largest-private-employer-in-the-area-is-kraft-which-now-runs-this-nabisco-baked-goods-factory-2″
title=”The largest private employer in the area is Kraft, which now runs this Nabisco baked goods factory.”
content=””
image=”http://static.businessinsider.com/image/50db53c369beddbd55000001/image.jpg”
caption=””
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[slide
permalink=”when-you-get-to-ashburn-you-dont-see-a-sunbelt-style-ghost-town-but-rather-a-lower-middle-class-enclave-trying-to-hold-on-3″
title=”When you get to Ashburn you don’t see a Sunbelt-style ghost town, but rather a lower-middle-class enclave trying to hold on.”
content=””
image=”http://static.businessinsider.com/image/50db5922eab8ea2950000007/image.jpg”
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]
[slide
permalink=”but-many-arent-making-it-4″
title=”But many aren’t making it.”
content=””
image=”http://static.businessinsider.com/image/50db5a85eab8ea825200000d/image.jpg”
caption=””
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]
[slide
permalink=”there-was-about-one-house-per-block-on-average-with-a-for-sale-sign-5″
title=”There was about one house per block on average with a for-sale sign…”
content=””
image=”http://static.businessinsider.com/image/50db58e5ecad04dd77000005/image.jpg”
caption=””
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]
[slide
permalink=”or-holding-an-open-house-6″
title=”…Or holding an open house.”
content=””
image=”http://static.businessinsider.com/image/50db58fc6bb3f7bb64000003/image.jpg”
caption=””
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]
[slide
permalink=”but-being-for-sale-is-different-than-being-foreclosed-on-and-you-cant-always-spot-a-latter-example-from-the-street-this-was-an-exception-7″
title=”But being for sale is different than being foreclosed on, and you can’t always spot a latter example from the street. This was an exception.”
content=””
image=”http://static.businessinsider.com/image/50db596aeab8ea5c4d00001f/image.jpg”
caption=””
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]
[slide
permalink=”it-was-one-of-the-more-heartbreaking-ones-we-saw-the-family-left-in-a-hurry-8″
title=”It was one of the more heartbreaking ones we saw. The family left in a hurry.”
content=””
image=”http://static.businessinsider.com/image/50db595469bedd5b6300000b/image.jpg”
caption=””
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]
[slide
permalink=”the-home-is-controlled-by-homesteps-freddie-macs-foreclosure-seller-their-website-shows-they-control-the-title-on-five-other-units-in-ashburn-9″
title=”The home is controlled by “Homesteps,” Freddie Mac’s foreclosure seller. Their website shows they control the title on five other units in Ashburn.”
content=”Source: Homesteps
image=”http://static.businessinsider.com/image/50db597deab8ea2950000013/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”fannie-maes-homepath-sales-unit-also-has-a-presence-here-listing-14-repod-ashburn-units-on-the-market-10″
title=”Fannie Mae’s “Homepath” sales unit also has a presence here, listing 14 repo’d Ashburn units on the market.”
content=”Source: Homepath
image=”http://static.businessinsider.com/image/50db567eecad04747300000f/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”to-be-sure-some-distressed-homes-were-more-obvious-11″
title=”To be sure, some distressed homes were more obvious.”
content=””
image=”http://static.businessinsider.com/image/50db59c169bedd2966000001/image.jpg”
caption=””
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]
[slide
permalink=”if-its-possible-this-is-not-as-bad-as-it-looks-ashburns-crime-rate-is-about-average-for-the-city-this-is-has-as-much-to-do-with-weather-as-crime-12″
title=”If it’s possible, this is not as bad as it looks — Ashburn’s crime rate is about average for the city. This is has as much to do with weather as crime.”
content=””
image=”http://static.businessinsider.com/image/50db59916bb3f7b86000004f/image.jpg”
caption=””
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]
[slide
permalink=”the-8000-block-of-south-maplewood-ave-had-the-most-consecutive-for-sale-signs-besides-the-one-in-the-background-theres-also-one-right-behind-where-we-took-this-photo-13″
title=”The 8000 block of South Maplewood Ave had the most consecutive for-sale signs. Besides the one in the background, there’s also one right behind where we took this photo.”
content=””
image=”http://static.businessinsider.com/image/50db66c2ecad04490f00001b/image.jpg”
caption=””
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]
[slide
permalink=”this-guy-14″
title=”This guy.”
content=””
image=”http://static.businessinsider.com/image/50db580f69bedd1461000000/image.jpg”
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]
[slide
permalink=”we-went-back-and-looked-at-how-much-the-3br-unit-in-the-foreground-was-going-for-answer-177k-15″
title=”We went back and looked at how much the 3br unit in the foreground was going for. Answer: $177K.”
content=”Source: Redfin.com
image=”http://static.businessinsider.com/image/50db6b1deab8ea0b7a000005/image.jpg”
caption=””
credit=””
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]
[slide
permalink=”thats-evidently-a-flip-price–you-can-see-its-experienced-an-insane-listing-history-since-2010-when-it-was-sold-for-just-475k-16″
title=”That’s evidently a flip price — you can see it’s experienced an insane listing history since 2010, when it was sold for just $47.5K.”
content=”Source: Redfin.com
image=”http://static.businessinsider.com/image/50dc5fb469bedd5b5800000b/image.jpg”
caption=””
credit=””
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]
[slide
permalink=”obviously-its-not-alone-in-seeing-that-kind-of-activity-17″
title=”Obviously, it’s not alone in seeing that kind of activity.”
content=”Source: Redfin.com
image=”http://static.businessinsider.com/image/50dc60f9ecad04366a000007/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”so-why-is-ashburn-so-down-compared-to-other-neighborhoods-its-not-entirely-clear-18″
title=”So why is Ashburn so down compared to other neighborhoods? It’s not entirely clear…”
content=””
image=”http://static.businessinsider.com/image/50db576f69bedd065e00000d/image.jpg”
caption=””
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]
[slide
permalink=”but-one-reason-may-be-that-the-neighborhoods-residents-are-disproportionately-employed-in-the-public-sector-19″
title=”But one reason may be that the neighbourhood’s residents are disproportionately employed in the public sector.”
content=””
image=”http://static.businessinsider.com/image/50db8a0569bedd8d5d000000/image.jpg”
caption=””
credit=””
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]
[slide
permalink=”and-the-city-has-cut-more-than-5800-jobs-in-the-past-five-years-20″
title=”And the city has cut more than 5,800 jobs in the past five years.”
content=”Source: Chicago Reader
image=”http://static.businessinsider.com/image/508c3736ecad04574d000022/image.jpg”
caption=””
credit=””
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]
[slide
permalink=”its-easier-to-explain-why-chicago-at-large-is-still-so-down-first-apartments-similar-to-this-one-in-ashburn-were-converted-into-condos-21″
title=”It’s easier to explain why Chicago at large is still so down. First: apartments similar to this one (in Ashburn) were converted into condos…”
content=””
image=”http://static.businessinsider.com/image/50db540f69bedd7e52000012/image.jpg”
caption=””
credit=””
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]
[slide
permalink=”and-then-purchased-by-people-who-couldnt-afford-them-22″
title=”…and then purchased by people who couldn’t afford them.”
content=””
image=”http://static.businessinsider.com/image/50db544ceab8ead342000014/image.jpg”
caption=””
credit=””
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]
[slide
permalink=”illinois-also-has-a-lengthy-foreclosure-process-23″
title=”Illinois also has a lengthy foreclosure process…”
content=”Source: Marketplace.org
image=”http://static.businessinsider.com/image/50db589eecad047d73000011/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”that-can-be-prolonged-if-a-home-is-damaged-by-chicagos-brutal-winters-hence-the-windows-on-the-earlier-houses-24″
title=”…That can be prolonged if a home is damaged by Chicago’s brutal winters (hence the windows on the earlier houses.)”
content=”Source: Marketplace.org
image=”http://static.businessinsider.com/image/50db574669bedd995d00000a/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”it-can-take-up-to-three-years-for-a-foreclosed-home-to-come-back-on-the-market-25″
title=”It can take up to three years for a foreclosed home to come back on the market.”
content=”Source: Marketplace.org
image=”http://static.businessinsider.com/image/50db57a369bedd205b00000f/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”so-is-there-any-hope-for-ashburn-some–heres-the-brand-new-81-million-sarah-e-goode-stem-academy-it-welcomed-its-first-class-this-fall-26″
title=”So is there any hope for Ashburn? Some — here’s the brand new, $81 million Sarah E. Goode STEM Academy. It welcomed its first class this fall.”
content=””
image=”http://static.businessinsider.com/image/50db5585ecad043771000001/image.jpg”
caption=””
credit=””
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]
[slide
permalink=”finally-some-chicago-establishments-are-pretty-much-apocalypse-proof-27″
title=”Finally, some Chicago establishments are pretty much apocalypse-proof.”
content=””
image=”http://static.businessinsider.com/image/50db53e669bedd3e55000005/image.jpg”
caption=””
credit=””
credit_href=””
]
[slide
permalink=”chicagos-not-the-only-market-still-recovering-28″
title=”Chicago’s not the only market still recovering…”
content=”The 12 States Still Getting Buried By Foreclosures >
image=”http://static.businessinsider.com/image/50bfd12c6bb3f7ca1500000b/image.jpg”
caption=””
credit=””
credit_href=””
]
[/slideshow]