Foreclosure Summit Presentation and Foreclosure Data
The foreclosure crisis has surfaced at both a local and national level. At the national level, a comprehensive approach from the lending industry is needed to ensure homeownership preservation, with participation from leading mortgage lenders, investors, loan servicing organizations, and consumer advocates to address the foreclosure crisis from a financial standpoint. However, the very real and tangible effects of the foreclosure crisis require an immediate and comprehensive plan to address the ways in which the crisis affects the local housing market, and how these trends specifically affect Franklin County neighborhoods. In response, the Columbus and Franklin County Foreclosure Working Group is advocating a comprehensive approach to address the issue directly and to mitigate the effects of foreclosure on neighborhoods throughout Franklin County.
The Working Group was formed with the goal of generating an advisory plan for Columbus and Franklin County that will:
- Prevent neighborhood decline associated with foreclosure in traditionally stable markets across Central Ohio;
- Address the issue of backslide due to foreclosure in "tipping point" neighborhoods; and,
- Focus resources in neighborhoods traditionally targeted by revitalization efforts, preventing further disinvestment and decline due to the foreclosure crisis.
On June 23, 2008, a Foreclosure Summit was held to highlight the issue of foreclosures throughout Franklin County, presenting data on best practices for neighborhood stabilization to an audience of both private and public sector participants. Discussion topics included models, funding, anchors and community assets, and neighborhood stabilization strategies.
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