Wednesday, February 4, 2009

Continued Progress in Preventing Foreclosures

Today we announced results from the County/City foreclosure prevention effort, which links troubled homeowners to free counselors who guide them through the steps needed to avoid foreclosure.

Through these efforts, the Homeowner Preservation initiative prevented 756 homes from being foreclosed upon in 2008 (with still others in process). In 2007, the number of foreclosures avoided was 436. That means almost 1200 families have been spared the trauma and impact of foreclosure, and broader communities have been spared the blight and lost property value (totalling tens of millions of dollars collectively) that would have resulted from those foreclosures.

In addition, while it contintues to increase in communities across the state and nation, the number of properties that ultimately went to Sheriff’s sale stabilized in 2008 versus 2007 (3081 versus 3076), and the % of initial foreclosure filings that resulted in sales declined (from 62.19% to 57.25%). These results indicate that our efforts to avoid foreclosures are really making a difference in the ongoing housing crisis.

The County will continue to fund these efforts in 2009, and we are looking for ways to expand them to save more homes. More to come shortly.

For more information on this effort, go to the partnership's website.

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