Detroit has become the target of out-of-state and foreign real estate investors because of its stock of bargain-priced foreclosed homes, putting Michigan sixth on rankings of foreclosures by state in 2008.
Congresswoman Nita Lowey has announced funding to support federal homes affordable programs in several counties in New York. A government agency will also provide grants for housing counseling services.
Individuals and companies offering help to distressed homeowners to save their properties from bank and government foreclosures have been proliferating in the market as the federal government intensifies its foreclosure prevention programs.
Illinois Governor Pat Quinn has announced an outreach program aimed at helping distressed homeowners in Chicago avoid bank foreclosed homes. The program gives guidance to distressed homeowners who want to apply for the federal loan modification program.
For so long now, the foreclosed house crisis remains an epidemic that forced several cities in the country to create ways to fight its devastating effects on their residents and economies. Some of their foreclosure prevention methods include fines and demolition.
HUD has extended a package of disaster assistance to the state of Kentucky after President Obama issued a natural disaster declaration for Jefferson County. The package included foreclosed home prevention assistance.
California Congresswoman Waters accompanied HUD Secretary Shaun Donovan in visiting some foreclosed homes in Los Angeles. Waters fought for funding for the Neighborhood Stabilization Program in 2008 and 2009.
A city in Virginia is waiting for a grant that will allow it to purchase bank foreclosed houses, renovate them and sell them at affordable rates. The initiative is part of the federal Neighborhood Stabilization Program that aims to help neighborhoods hardest hit by the foreclosure crisis.
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