Bryan Esenberg, NeighborHomes Manager, NHS Redevelopment Corporation, and NHS construction specialist Luis Rojas are quoted about its 108-year-old practical green home in Grand Crossing on the Southeast Side.
NHS Redevelopment Corporation's Bryan Esenberg tends the graveyard of Chicago's housing boom.
steps in to prevent abandoned buildings mired in the foreclosure process from falling apart while mortgage companies, lenders, owners and investors grapple over who is responsible.
As of last year, there were roughly 15,000 vacant buildings in Chicago, 85 percent of which were caught in some stage of the foreclosure process, according to city figures.
Four years into the foreclosure crisis, Esenberg
said, some of the houses he
sees have lost so must value that even the lenders have walked away... As most conventional mortgages won't cover the purchase of heavily damaged homes, the Neighborhood Housing Services program marks one of a few attempts nationally to save such houses.
Bryan Esenberg of NHS Redevelopment Corporation, discusses the NHS' role in taking care of properties that have been abandoned by both banks and lenders and helping them to get back on the market.
also pointed out that foreclosed properties may account for a large part of the price decline.
"2011 is going to be a year of foreclosures and short sales," Esenberg
Home prices will continue to drop, "until people stop selling unless they have to," he
Bryan Esenberg, NeighborHomes manager of single-family homes, talks about this unique program and why it fits with NHS' mission to revitalize neighborhoods.