Norma Rodriguez of CPI ( Center on Policy Initiatives) spoke to the small crowd at the August 9, 2011 Emerald Hills Neighborhood Council Meeting. She shared information about Foreclosures in San Diego and California & the costs that communities pay.
(Details from Norma's slide show presentation) www.onlineCPI. http://onlinecpi.org/
One in FIVE U.S. foreclosures is in California
More than 1/3 of California homeowners owe more on their mortgage than their homes are worth.
Your home value is lowered if a foreclosure is within 1/8 of a mile from you.
- Projected City of SD foreclosures from 2008-2012 is 56,689
- Projected City of SD foreclosures in 92114 is 4,285
- This results in a loss of over $10 million- over $65 million to local govt. from 92114 alone
- Not to mention the home values lost at around $1.5 billion in home values lost in this zip code
What can be done?
- Urge Attorney General to fight for a strong settlement against the banks (predatory lending, unwillingness to work with homeowners) with real homeowner relief
- Implement Principal Reduction Program for underwater homeowners
- Banks should pay their fair share of taxes (ex. Bank of America paid $0 taxes in 2010)
- LOCALLY-
- Counties should implement MANDATORY mediation to banks/lenders to increase communication
- Fine banks that foreclose and fail to maintain properties
- This is being done in 75 cities, so far
- The Property Value Protection Ordinance - if approved
- Banks must register with the city when filing a foreclosure notice
- Fines banks $1,000 a day if they fail to maintain properties
- Keeps neighborhoods clean, property values up, and bring in needed revenue to the city
- Need 2,000 pledges of support
Encanto /92114 made #5 in the list of top 10 foreclosure areas in San Diego County, July 2011 (DataQuick)
A public hearing is tentatively scheduled for September 21, 2011 City of San Diego Land Use & Housing Commission
.Do you need Foreclosure Assistance? Call Community Housing Works @ 619-282-6647 ext. 5468
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