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Homeward bound

Published Tuesday, April 01, 2008

Foreclosure affects more than individual families; it also can diminish the quality of life for entire neighborhoods, disrupt the local market for ownership and rental properties, and destabilize the municipal finance system. Many local governments are implementing programs that will counteract the negative effects of foreclosure and relieve the burden on their budgets. According to RealtyTrak, 1.2 million properties were in some form of foreclosure in 2007, an increase of 75 percent from 2006. Corresponding to national trends, a recent National League of Cities (NLC) survey shows that nearly 62 percent of local elected officials report that foreclosures ...

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