‘Seriously underwater’ loans plague parts of Chicago area

Rodney Russell bought the house for $81,500 in 1997 and sold it for $37,000, according to the Cook County recorder of deeds. He wasn’t in foreclosure, according to the recorder, but made a deal with his lender to short-sell the house because he’d been trying to sell it since 2009, said listing agent John Palomo of Coldwell Banker…Please click here to read Dennis Rodkin’s story in Crain’s.