The post-2008 foreclosure crisis had a major influence on the study area’s housing market. Foreclosure filings in the study area increased from 2005 and peaked in 2010 at 2.9 per 100 residential parcels. Since 2010, foreclosure filings have steadily decreased, which leveled out the study area’s foreclosure rate with regional averages and lower compared to its surrounding community areas (except Bridgeport). As a result of the drastic increase in foreclosures between 2005 and 2010, the vacancy rate rose by eight percent between 2011 and 2015, according to data from the DePaul Institute for Housing Studies. Overall, McKinley Park has a lower vacancy rate than neighboring communities (Lower West Side and Bridgeport) and the city.
Figure 8.10. Total Foreclosure Fillings in McKinley Park, 2005-2017
Source: DePaul Institute for Housing Studies, 2005-17
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