Like hundreds of cities across the country, Chicago is trying to tackle the issue of too many foreclosed and vacant homes. The city is now requiring lenders to ensure that those abandoned properties are secured and maintained. Other cities have similar laws.
But the federal government is suing Chicago over its new rules in what's seen as a test case that could affect whether any city would be allowed to keep lenders on the hook for abandoned properties.
The latest report from foreclosure monitoring firm Realty Trac shows nationwide, overall foreclosure activity dipped slightly in February. And the trend is similar in Colorado, with foreclosure auctions down by almost 7%.