Foreclosures Have Devasting Effect On Communities, Says Mayor

Mayor Daley of Chicago will announce, The Homeownership Preservation Initiative, which will not only work with 20 local financial institutions to explore ways to avoid foreclosures, but also "reclaim 300 vacant, foreclosed properties, turning them back into viable homes." Lenders have agreed to work with Chicago Neighborhood Housing Services in the effort. "Often, a foreclosed home falls into disrepair, dragging down the value of other neighborhood properties." Mayor Daley emphasized that "'Foreclosures have a devastating effect, not only on the families involved but also on the surrounding communities.'"

Thanks to Connie Chung