REALTOR® Magazine-Daily News-How Will States Reduce the Foreclosure Impact?

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Daily Real Estate News | March 15, 2010 | How Will States Reduce the Foreclosure Impact?
Five states hardest hit by foreclosures have six weeks to decide how to spend millions in federal money to reduce the impact of the housing crisis.

The states that will receive money (and the amount they will get) under the Treasury Department's Fund for Hardest Hit Housing Markets are California ($700 million), Arizona ($125 million), Florida ($418 million), Nevada ($103 million), and Michigan ($154.5 million). These are all states where home prices have declined by at least 20 percent.

Federal guidelines give these states a lot of leeway in how they use the money. Ideas under consideration include allowing unemployed homeowners to take a year’s vacation from payments, and writing down amounts owed with the stipulation that the government will share in any future appreciation.

Source: Associated Press, Bob Christie (03/14/2010)