Boston Plans To Fight Off Foreclosure Crisis
Below is a MRR and PLR article in category Finance -> subcategory Real Estate.
Boston's Strategy to Tackle the Foreclosure Crisis
Overview
Boston has been grappling with a foreclosure crisis for several years, marking a crucial period for homeowners across the city.
Keywords
Boston foreclosure homes, Boston foreclosure listings, Boston affordable homes, Boston bank-owned properties
Article
Boston's Strategy to Tackle the Foreclosure Crisis
Homeowners in Boston are feeling the intense pressure from the ongoing foreclosure crisis. In response, the Mayor's office is taking decisive action to address the situation before it spirals out of control. Patricia Canavan, an advisor in the Mayor's office, is spearheading a plan to confront the issue, focusing on the redevelopment of neighborhoods left empty by foreclosures.
During her recent speech at the Federal Reserve Bank of Cleveland’s Community Development Policy Summit, Canavan called on banks and lenders to actively refinance loans to prevent further foreclosures. Her appeal highlights the urgent need for collaboration among financial institutions during this critical period.
Data from the Boston Mayor's office reveals a troubling trend: a high number of sub-prime loans, particularly within minority and modest-income neighborhoods. Of these loans, a staggering 65% are already in foreclosure. This mirrors a nationwide issue, but Boston has seen a dramatic increase in foreclosures?"from 64 in 2006 to 704 in 2007, and now 774 in 2008.
The repercussions of this crisis extend beyond individual homeowners. They lead to homeless families, deserted neighborhoods, a rise in crime rates, and an influx of Boston's cheap homes. To combat these challenges, Mayor Tom Menino has established a foreclosure intervention task force. This team meets weekly to devise and implement effective neighborhood stabilization strategies.
Through these efforts, Boston aims to reclaim neighborhoods, assist affected homeowners, and prevent future foreclosures, ultimately fostering a more stable and resilient community.
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