Lawmakers In Virginia Devise a Plan to Sell Foreclosed Homes

ForeclosuresVT President and co-founder, Jeremy Shapiro A total number of 31,676 California homes were foreclosed in the last quarter of 2007, compared with only 6,078 in the fourth quarter of the year before. The total number if foreclosures in 2007 was 84,375 or more than six times the 2006 total of 12,672. This years number are expected to be even higher than 2007. Since January, almost half of the homes in the 3500 blocks of Hilltop Lane, Texas have sunk into foreclosure. Twenty one of 46 properties went back to banks. Houses all down these streets are listed at 20,30 and even 40 percent off of the tax appraised value. Virginia lawmakers are coming together to try and find the best way to rid neighborhood of foreclosed properties. A proposed plan would direct money from the county's $6 million housing trust funds toward grants of up to $25,000 or low-interest loans for people who work in that particular county but live elsewhere to buy houses that are currently in foreclosures.

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