A number of legislators and residents feel that, with the number of homes being sold at Fresno foreclosure auctions and the amount of properties falling under foreclosures, Fresno, as well as the whole San Joaquin Valley, California, should have gotten a bigger share of the latest federal assistance effort designed to help homeowners all over the U.S.
Under the latest federal assistance initiative, the whole state will receive $476 million to help homeowners who have lost their properties to California home auctions for sale. However, Valley residents feel that their area was somewhat left out in the distribution. The latest effort from the government involves a total of $3 billion that will be spread out to different areas of the U.S. that suffered from the housing market crisis.
According to legislators who represent the Valley, the number of foreclosed homes at auctions in the area makes San Joaquin one of the highest ranked regions nationwide in terms of foreclosure rates. The Valley covers the cities and counties of Modesto, Merced, Stockton and Fresno, all with high rates of foreclosure activities.
In addition to the high number of properties under Fresno foreclosure auctions, there are also smaller counties that contribute to the high rates of foreclosure in the Valley, including Los Banos. These are just some of the factors cited by residents and legislators in their claim that the region deserves a bigger share than what it is expected to receive.
In an effort to address the impact of high numbers of repossessed houses on various regions of the country just like those in several California areas and to help unemployed homeowners keep their homes, the Treasury Department has announced a nationwide assistance initiative that will be financed by a total of $2 billion. In addition, the Department of Housing and Urban Development will release zero interest loans worth $1 billion to be provided to homeowners who are behind in their mortgage loan payments.
The latest effort has received criticisms from several fronts, including officials and legislators from the San Joaquin Valley region. According to them, the government's track record in terms of foreclosure mitigation efforts has not been good. They also criticized the government for allegedly leaving out San Joaquin despite the high rates of foreclosure in the area and the thousands of homes being sold under Fresno foreclosure auctions.
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