Thursday, October 4, 2012

Foreclosures are up 37%

Next Tuesday the Commission is taking on the ordinance requiring banks to register with the city when they initiate a foreclosure action. At the time of registration, they need to pay a small fee, money which can then be used to maintain the foreclosed property, perhaps fund help programs for homeowners at risk, pay for applications for grants to help the housing situation, and of course fund the process itself.

It matters that the city know and have a plan in place to deal with the foreclosures. Knowledge and numbers are powerful tools and the foreclosure crisis is with us and likely to accelerate as banks have stepped up their foreclosures on delinquent properties. There's a great article at Condo Vultures(Click here) that lays it out. Foreclosures are up 37% over this time last year. The housing recovery is a long way from over and this will help North Bay Village cope with the issue. 

 Kevin Vericker 
October 4, 2012

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