Stalled foreclosures of blighted properties still a burden; Collins says changes are needed

Last week, I talked with Crain's Chicago Business about the current state of the housing market in Illinois and how we can improve the law's approach to foreclosures.

In February 2013, a plan I had introduced to help unclog the foreclosure pipeline, keep abandoned properties from blighting neighborhoods and fund foreclosure prevention counseling was signed into law. While new foreclosure filings are down in Illinois overall, some of the hardest-hit neighborhoods are still not seeing relief, and the "fast track" procedure designed to speed the process for boarded-up eyesores is rarely used. I intend to work on tweaking the fast track law so revitalization can occur in our hardest pressed communities, where the housing crisis is not yet in the past.

Graphic credit: Crain's Chicago Business