-By Warner Todd Huston
As the housing bubble began to burst the lower middle class and poor areas of Cook County were immediately hit with mounting foreclosures. But now the upper middle class is seeing a higher rate. This only stands to logic.
As the Obama depression widens, as home prices stay in a slump, and as more and more people lose their jobs it makes sense that the upper middle classes are beginning only now to lose their homes at a higher rate than before. After all, these people have been likely living off savings they had that the lower classes and poor didn’t have to tide them over. But now those savings are being depleted. That and the job losses are reaching up into their income brackets and status.
What all this shows is that the Obama economy is still in horrid shape and getting worse.
The Daily Herald has all the stats in its recent, disheartening article from August 15.
And if you are one of those home owners facing foreclosure or financial troubles, there is a Cook County program that might help.
The program, which got $3.5 million from the county board, is open to county residents who have received a foreclosure summons from the Cook County Court and live in a single-family home, single-family condo or apartment building with four or fewer units. There are no income restrictions.
Those who are eligible can call (877) 895-2444 or use the new web features on cookcountyforeclosurehelp.org to set up an appointment with a housing counselor.
Upper Middle Class Now Seeing Higher Foreclosures in Cook County”