CHICAGO (CBS) — Community and government leaders and others are holding a summit meeting today on the foreclosure crisis in the Chicago area.

As WBBM Newsradio 780 Political Editor Craig Dellimore reports, the Rev. Leon Finney, chief executive officer of the Woodlawn Community Development Corporation, says the meeting is an emergency conference. He expects the participation of Illinois Supreme Court Justice Mary Jane Theis and Cook County Board President Toni Preckwinkle, among others.

LISTEN: Newsradio 780 Political Editor Craig Dellimore reports

Finney says there are 70,000 foreclosure cases in the area.

“There are 70,000 homes that once were viable and operating in neighborhoods that are no longer viable and operating in neighborhoods, and thereby contribute to urban decay,” Finney said. “The 70,000 homes that once paid property taxes that are no longer paying property taxes, and thereby straining resources of our county government.”

Finney says so far, no real solutions have been found, but the summit hopes to change that.