- Illinois Tollway awards $337 million in contracts, sets budget
- 44 earn bachelor’s degrees at Saint Anthony College of Nursing
- Goodwill opens Donation Express site on Perryville
- Rock Valley College to manage TechWorks program
- University of Illinois at Chicago names chancellor
- Salvation Army to distribute food, toys to nearly 2,000 families
- American Manufacturing Competitiveness Act signed into law
- ABC Supply acquires Siding World
- IceHogs recall Jamie Wise, next home game Dec. 26
- Jimmy Clausen to start for Bears Sunday against Lions
Rockford named on another list of shame
By Stuart R. Wahlin
According to an April 23 article published by U.S. News & World Report, Rockford made No. 9 on a list of “10 Cities Facing a Double Whammy of Default Risks,” based on 2009’s fourth-quarter mortgage delinquencies and defaults as reported by the Mortgage Bankers Association.
The article attributes the high number to a combination of decreased property values, resulting in negative equity, and high unemployment.
The report noted: “These same forces have worked to land Rockford—a city of 157,000 located in northern Illinois—in a comparable fix, [Economy.com’s Celia] Chen says. Local unemployment hit 16 percent in the fourth quarter of 2009.”
Unemployment in Rockford rose to 19.5 percent in February, but dipped to 18.8 percent in March, according to the Illinois Department of Employment Security.
“The Midwest did go into the recession earlier than the rest of [the country], so the situation has been eroding for a longer period of time,” Chen stated in the article, which indicated more than 22 percent of Rockford homeowners owed more on their mortgages than their homes were worth in the fourth quarter of 2009.
Las Vegas topped the list, which also included Merced, Calif., El Centro, Calif., Port St. Lucie, Fla., Fort Myers, Fla., Bend, Ore., Ocala, Fla., Detroit, and Toledo, Ohio.
From the April 28-May 4, 2010 issue