Chicago Homeownership Hits 8-Year Low

A week or so ago, Realtors said they were unsure about the future of the housing market, and it turns out rightfully so: Since then, we've learned that Chicago-area homeownership hit an eight-year low and experts say inventory in the local luxury market could last years.

And with a high foreclosure rate (one in every 213 homes in May), a new report ranks Chicago third in getting help through the Obama administration's mortgage rescue plan.