New Haven Announces Plan to Fight Foreclosures in the City

16 May 2008

Author: admin Posted under Foreclosure homes by city

A new foreclosure prevention group has been established in New Haven, CT to help homeowners learn about how to deal with default and ultimately avoid foreclosure and remain in their homes after the state became one of the more statistically foreclosure plagued states in the nation during the first quarter of 2008.

Reports were recently released detailing that Connecticut was one of the top ten states for defaults, the first stage of foreclosure during the first quarter, prompting many officials in the state to want to take action to address the situation before their foreclosure problem gets out of hand.

New Haven Mayor John Stefano announced that a coalition would be forming between city housing, legal and financial groups to help families keep their homes. This would be done through foreclosure prevention education, possibly making funds available to especially in debt citizens to keep them afloat, and reducing the impact foreclosures have on property value in some of the city’s most highly affected areas by buying them up, taking care of them and renovating them, possibly for mixed income housing in the future.

Connecticut has become a popular place for investors to look for foreclosures, and prices on foreclosure homes in the area have been steadily falling.