Quote of the day: South Side speculation

“I think there’s probably going to be a lot of speculation going on in some of these lower income neighborhoods where the property values declined to the point where it makes sense for folks to buy a bunch of properties [in bulk] cheap. There are concerns that may lead to properties where it’s more difficult to track the owner down…they’re just kind of getting them on their books and if property values go up in a couple of years on a few of those properties then they’ll make some money back.”

Woodstock Institute Vice President Geoff Smith, on the effects of foreclosures and falling home values in South Side neighborhoods like Roseland, Englewood and West Pullman. Such speculation could result in even more unmaintained properties owned by people who are largely uninterested in these communities, Smith says.

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