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According to Crain’s Chicago Business, there was an alarming increase in foreclosure filings in July for the state of Illinois. The combination of default notices, auction-sale notices and bank repossessions were up 33% last month compared to the June rate. Though several states still rank higher among foreclosures, the significant month-to-month increase from June to July was the largest nationwide. This undoubtedly comes at a very interesting time as the Chicago City Council plans to vote in September on whether to place a Chicago transfer tax on banks and lenders. While already thought to be a money-grab for the city, the continuing rise in foreclosures may actually influence council members to vote in favor of the tax, generating much more revenue for the City of Chicago and the CTA.
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