Nov 13
2009
Foreclosures to peak in 2010 with waves of impacts
RealtyTrac reported today that U.S. home foreclosure filings slowed in October for a third straight month and rising unemployment will spur another record year of failing mortgages in 2010, with only marginal improvement in 2011.
Foreclosures have many casualties from individuals, homeowners, renters to entire communities.
Municipalities have seen and will continue to see a swell of citizen complaints resulting from foreclosures – vacancy and abandonment of homes when they cannot be resold. Regulatory changes are needed but this will take time to institute. In the meantime, municipalities have a sense of urgency to fix the economic and social impacts of foreclosures on their communities.
The Mustel/BasicGov survey revealed that they are finding ways to deal with the impact of foreclosures despite their limited resources by using code enforcement policies, assigning responsibilities and implementing technology to improve processes and efficiencies.
Read more about the Mustel/BasicGov survey findings and the impact of foreclosures on local governments.
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