Foreclosure crisis going to get worse before it gets better

Government officials and homeowners are hunkering down. If the foreclosure crisis is bad now, the increasing trend of court filings indicates the problem will become much worse, experts say.

The storm has been brewing for at least the last five years, and the next two years could be critical. No one can predict how deep the crisis will go, said Michael Seng, a John Marshall Law School professor and executive director of the school's Fair Housing Program.
"We're just seeing the tip of the iceberg now," Seng said.

Already this year, the numbers of foreclosures in most of the Northwest and West suburbs have met or exceeded last year's totals. Local academics and researchers have been keeping tallies and raising red flags, with some hoping government officials will take action. By Anna Marie Kukec Daily Herald Staff

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