My Economic Index

July/08/2012 16:20PM
Write Comment
Please follow and like us:

If you tune to MSNBC, which I don’t, they will tell you the economy is improving. The same with CNN, ABC, NBC, and CBS. Fox will tell you the truth. With only 80,000 new jobs in June, it’s not looking good.

Here’s how I measure the state of the economy. I reside in Wheaton, Illinois. It’s a nice suburban community. Good schools, lot’s of churches, a college, an easy rail commute to the city of Chicago, a good park system, and a  high school football team that wins the state championship most years.

The local paper, The Wheaton Leader,  is a weekly. Like most weeklies, it’s mostly ads for local businesses and services. You can find a place to volunteer, an AA meeting, and read about a local youth who is playing big time college football somewhere. You can see who passed away this week, what’s on at the local theater, and who got arrested.

It’s free and once a week it appears on the driveway. I rarely read the leader, it’s my wife’s paper, she likes to see who got arrested last week. Occasionally if I am looking for someone to do window washing or some service, I will look through that section of the paper.

This week when I brought the paper in the thought occurred to me the paper was growing, It was heftier than the Chicago Tribune. Curiosity got the better of me. I unwrapped it and started thumbing through the issue.

It wasn’t until I got to the back that I found the source of the growth. There were 24 pages of home foreclosure notices. Four to a page.  Ninety-six at least, there may have been one or two mixed in with the other real estate classified ads. You know the type of legal ads that are required when an institution is taking over a house. All pretty much the same with the names of the institutions, the owner, and the address different. My wife who  has been noticing these for months in the Leader says she almost cries when she sees them.  She recognizes some of the names of those who are losing their houses.

IN THE CIRCUIT COURT FOR THE 18TH JUDICIAL CIRCUIT  DUPAGE COUNTY – WHEATON, ILLINOIS RESIDENTIAL JPMorgan Chase Bank, National Association, PLAINTIFF )2011 Vs. )CH John Clark a/k/a John Thomas Clark; et. al., DEFENDANTS )3822 NOTICE OF SHERIFF’S SALE OF REAL ESTATE PUBLIC NOTICE IS HEREBY GIVEN that pursuant to a Judgment of Foreclosure and Sale entered in the above cause on 5/11/2012, John Zaruba, the Sheriff of DuPage County, Illinois will on 8/14/12 at the hour of 10:00AM at Dupage County Sheriff’s Office 501 North County Farm Road Wheaton, IL 60187, or in a place otherwise designated at the time of sale, County of DuPage and State of Illinois, sell at public auction to the highest bidder for cash, as set forth below, the following described real estate: PIN 05-17-310-008 Improved with Single Family Home COMMONLY KNOWN AS: 211 S. Morgan Avenue Wheaton, IL 60187 Sale terms: 10% down of the highest bid by certified funds at the close of the auction; The balance, including the Judicial sale fee for Abandoned Residential Property Municipality Relief Fund, which is calculated at the rate of $1 for each $1,000 or fraction thereof of the amount paid by the purchaser not to exceed $300, in certified funds, is due within twenty-four (24) hours. The subject property is subject to general real estate taxes, special assessments, or special taxes levied against said real estate and is offered for sale without any representation as to quality or quantity of title and without recourse to Plaintiff and in “AS IS” condition. The sale is further subject to confirmation by the court. If the property is a condominium and the foreclosure takes place after 1/1/2007, purchasers other than the mortgagees will be required to pay any assessment and legal fees due under The Condominium Property Act, 765 ILCS 605/9(g)(1) and (g)(4).  If the property is located in a common interest community, purchasers other than mortgagees will be required to pay any assessment and legal fees due under the Condominium Property Act, 765 ILCS 605/18.5(g-1).  If the sale is set aside for any reason, the Purchaser at the sale shall be entitled only to a return of the deposit paid. The Purchaser shall have no further recourse against the Mortgagor, the Mortgagee or the Mortgagee’s attorney.  Upon payment in full of the amount bid, the purchaser shall receive a Certificate of Sale, which will entitle the purchaser to a Deed to the real estate after Confirmation of the sale. The successful purchaser has the sole responsibility/expense of evicting any tenants or other individuals presently in possession of the subject premises. The property will NOT be open for inspection and Plaintiff makes no representation as to the condition of the property. Prospective bidders are admonished to check the Court file to verify all information. IF YOU ARE THE MORTGAGOR (HOMEOWNER), YOU HAVE THE RIGHT TO REMAIN IN POSSESSION FOR 30 DAYS AFTER ENTRY OF AN ORDER OF POSSESSION, IN ACCORDANCE WITH SECTION 15-1701(C) OF THE ILLINOIS MORTGAGE FORECLOSURE LAW. For information: Examine the court file or contact Plaintiff’s attorney: Codilis & Associates, P.C., 15W030 North Frontage Road, Suite 100, Burr Ridge, IL 60527, (630) 794-9876.  Please refer to file number 14-11-24648. I447087 July 5, 12, 19, 2012 Suburban Life Publications 9691 WH

Why has this happened in tree-lined Wheaton, Illinois? Because the people who owned these houses can’t find  a job to pay the mortgage. They had a job or jobs  and one or both lost that job. Now, after looking for months, the bank came knocking. These are not deadbeats who couldn’t afford a house. For the most part, these are people who lost a job and can’t find a replacement. The money ran out and they have to move.

Next week there will be another 24 pages of notices.  This week there were two new for sale signs that went up in the neighborhood. If those houses don’t sell in a reasonable period of time, there may be a notice in the Leader about two more foreclosures.

Believe what you choose from the media about the economy. But, look around your own neighborhood first. Peter Lynch, the great stock picker, said he picked stocks by trying the product or service.  Chances are you will see what I’m seeing in Wheaton, Illinois. This economy has a long way to go and will not get better until change is made. The big question I have is this. What do those 96 families who will be moving in the near future think about their situation? Do they blame Obama or Bush? Do they need Obama’s help now? Has he made new converts by forcing them into needing government assistance? If so, where does it stop? When we are all homeless and need government help?

Once we become Greece can we ever go back?

Please follow and like us:

Other Articles You Might Enjoy:

Leave a Reply