Tuesday, April 16, 2013

MORTGAGE FORECLOSURE - LONG ISLAND

From an email received yesterday from the Empire Justice Center:

"We are pleased to announce that today Empire Justice Center released our report, "The Long Island Foreclosure Crisis: Stabilizing communities most impacted by foreclosures in Nassau and Suffolk Counties," which explores the impact and ongoing dynamics of the foreclosure crisis on Long Island.

Why did we focus on Long Island?

Because over a quarter all homeowners in New York who are at risk of foreclosure live in just two counties - Nassau and Suffolk - both are on Long Island. Our analysis found that in many of the communities on Long Island where concentrations of foreclosures occur, there also tends to be a high concentration of minority homeowners. To make matters worse, we found a dearth of home purchase lending in the same areas – putting these communities at higher risk of home loss, vacancies, deterioration of housing stock and subsequent loss of local tax revenue and threatening economic recovery on Long Island.

Pursuing Solutions:

In addition to pinpointing these communities for investment, the report provides a series of recommended policies for banks and policymakers to adopt in an effort to limit the damage caused by these concentrated foreclosures.

By devising ways to keep homeowners in their homes, advocating for continual maintenance of properties and working towards achieving economic justice for minority communities, hardest hit neighborhoods will be better able to rebound from the disparate impact of foreclosures and focus on rebuilding the assets of the community as a whole. "

http://www.empirejustice.org/assets/pdf/publications/reports/li-foreclosure-report-42013/the-long-island-foreclosure.pdf

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