Waves of Local Emergency Meetings Prompted by Home Foreclosure Crisis

30 Sep 2007

September 30, 2007 (LPAC)--While Congress continues to block on launching emergency measures, hundreds of counties and cities are holding emergency meetings over the crisis of displaced and desperate households. Two events in this past week in the Midwest, typify the national crisis:

* Akron, Ohio. On Sept. 24, the Akron City Council received a report that the number of foreclosure filings in Summit County grew from 621 in 1994, to 4,533 in 2006; and the Summit County Sheriff's Office registered 1,060 foreclosure sales between Jan. 5 and April 27, with 70% in Akron. The figures were part of a study commissioned in December, 2006 by the City Council, which formed a Task Force and Predatory Lending. Now the crisis point has been reached.

* Inkster, Michigan. On Sept. 25, a Tax and Foreclosure Seminar was held by the Inkster Task Force, and attended by 75 people. One reported that 380 homes are up for sale within the city limits, due to foreclosure. Assistant Attorney General Mike Farrell, who spoke at the event said, "I don't know of any sector that hasn't been affected by this. It's really to the point where it's a crisis."Inskter is in Wayne County, which is suffering one of the highest rates of foreclosure in the nation. Wayne County officials have granted 800 people an additional year to stretch out paying their property taxes. Other arrangements are being improvised.