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State further invests $1 Million to Curtail Minnesota foreclosures statistics

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By : Bilk Albers    99 or more times read
Troubled homeowners in Minnesota have more reasons to celebrate this season. Minnesota Housing has announced provision of another $1 million to the Minnesota Home Ownership Center. The state government was quoted as saying that the amount was an investment for continuous prevention of foreclosure in the state.

For quite some time, the state has been prioritizing its counseling projects to guide troubled homeowners about how to possibly avoid and overcome possible foreclosure. Minnesota Housing has established a strong network across the state of foreclosure counselors and counseling agencies, which collectively catered to about 16,000 homeowners in 2009. The state government said it is committed to continue that support system.

The effort has been paying off. Minnesota foreclosures statistics are considered tolerable by most economists. It is in better position compared to volume of foreclosed homes in Florida or in any other state with higher foreclosure rates. However, strategic homebuyers could still find good deals when finding and buying foreclosures in the state at reasonable costs.

The awarding of the $1 million funding came at the right time. The network of foreclosure counseling in the state was facing threats before the provision. That was because funding for the initiative had already been dried up. The next scheduled regular funding activity is scheduled on March 2011. Counselors said there was a need to bridge the gap between last December and March this year.

Minnesota foreclosures statistics has been benefiting from the active participation and commitment of Minnesota Housing’s counseling services. The agency has so far demonstrated strong leadership, especially throughout the current foreclosure crisis. The new funding would help make sure thousands more homeowners in the state would be able to gain access to high quality and non-biased counseling services to prevent foreclosure.

Many analysts assert that if the same counseling support in Minnesota is applied in other states, foreclosures could be controlled. Foreclosed homes in Florida, for instance, would not be as unmanageable and as uncontrollable as it is today.

But there is a price to pay. From 2007 to 2010, more than $16 million were invested to foreclosure prevention through counseling in Minnesota. More than $13 million were used to assist first-time homebuyers in purchasing foreclosed properties. It could be hard to imagine how Minnesota foreclosures statistics could be without the state initiative.

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