Illinois Housing

A new report says almost one-third of Illinois homes are ``deeply underwater'' meaning that they're worth at least 25 percent less than what's owed on the loans. 

The report released Thursday by Irvine, Calif.-based RealtyTrac says that represents almost 775,000 Illinois homes. The report is based on data from December.  

Only Nevada and Florida fare worse, with 38 percent and 34 percent of homes deeply underwater, respectively. 

But the report has some good news.

Nationally, the percentage of deeply underwater homes is falling.  

The social ills that once plagued Chicago public housing can be eliminated with a few swings of a wrecking ball. Drug dealing, gang shootings, economic isolation and squalor will be displaced as housing projects throughout the city are torn down.

As a single mother with two kids, Carma Kimber thought her life was tough. When she became pregnant a third time, it got a lot tougher. But with federal housing aid, the 28-year-old Peoria woman has been able to go to college, which gives her a shot at a better-paying job. 

“I’d rather struggle for a short period of time and come out with something really amazing than just continue to struggle with no ending,” says Kimber, who is studying full time to become a registered nurse while working 10 hours a week on the campus of Illinois Central College.