Boston Plans To Fight Off Foreclosure Crisis

Homeowners are crumbling under the pressure of Boston foreclosure homes. Boston has been facing foreclosure crisis for a couple of years and this is a critical moment for all homeowners in the state. When it looked as if things were going to go out of hand, the Mayor's office stepped in to do their best to control the situation. Patricia Canavan who is an advisor in the Boston Mayor's office is working on a plan and has made an official statement. In the wake of the rise in the number of homes in the Boston foreclosure listings, Canavan believes that the best option is to reclaim neighborhoods that have been left empty due to the ever growing foreclosure crisis. In her speech at the Federal Reserve Bank of Cleveland Community Development Policy Summit in Cleveland, Ohio, She has urged banks, financial institutions and lenders to make efforts for refinancing as many loans as possible so that foreclosures can be stopped.

According to statistical reports taken out by the Boston Mayor?s office, the amount of sub-prime loans taken by people in Boston is quite high and 65% of those loans were taken out by people the minority neighborhoods or who belong to the modest income group. A major part of the 65% is already in foreclosure. Like other parts of the country, the wave of foreclosure has not spared homeowners in Boston as well. In fact, in the last two years, the rate of foreclosure has increased considerably. In 2006 the total number of Boston bank owned homes was just 64 while 2007 saw an alarming increase with 704 foreclosed homes and as of date (2008) the number is 774 and counting.

The immediate impact of foreclosures includes homeless families, empty neighborhoods, and increase in crime rate, Boston cheap homes, and others. In order to fight the negative aspects of foreclosure on various communities, the Mayor of Boston, Tom Menino has created a tactical team for foreclosure intervention. The team has weekly meetings so that they can work out an effective neighborhood stabilization program.

Posted by John McCann on December 13, 2008 at 12:00 AM

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Local Information for Medford, MA

Latitude: 42.419996 -- Longitude: -71.107942

ZIP Codes for Medford, Massachusetts	02153 02155 02156
Area Code for Medford, Massachusetts	617
Time zone for Medford, Massachusetts	EST

Other Area Cities: Medford, MA Arlington, MA Belmont, MA Boston, MA Cambridge, MA Chelsea, MA Everett, MA Malden, MA Melrose, MA Milton, MA Quincy, MA Revere, MA Somerville, MA Winthrop, MA

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Home of the footbridge, Medford was founded in 1630, making it the fourth oldest English settlement in North America. Medford was established as a city in 1892 and was a center of industry, manufacturing brick and tile, rum, and Medford Crackers, and building clipper ships. In 1868, a French astronomer and naturalist, Leopold Trouvelot, was attempting to breed a better silkworm using Gypsy moths. Several of the moths escaped from his home at 27 Myrtle Street (which no longer exists). Within ten years, the insect pest had denuded the vegetation in the neighborhood. Eventually, it spread all over North America. In a pub on Salem Street in Medford, local resident James Pierpont wrote "Jingle Bells" in the late 19th century after watching a sleigh race from Medford to Malden. Another local resident, Lydia Maria Child (1802-1880) made a poem out of the trip across town to her grandparents' house, now the classic song, Over the River and Through the Woods. -- Source: Wikipedia.com

Massachusetts 2000 Census Population Profile Map

	Medford	Massachusetts	United States
Population	55,765	6,349,097	281,421,906
Median age	37.5	36.5	35.3
Median age for Male	35.6	35.4	34
Median age for Female	39.5	37.7	36.5
Households	22,067	2,443,580	105,480,101
Household population	53,561	6,127,881	273,643,273
Average household size	2.43	2.51	2.59
Families	13,494	1,576,696	71,787,347
Average family size	3.04	3.11	3.14
Housing units	22,687	2,621,989	115,904,641
Occupied units	22,067	2,443,580	105,480,101
Vacant units	620	178,409	10,424,540

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Boston Plans To Fight Off Foreclosure Crisis

Local Information for Medford, MA

Latitude: 42.419996 -- Longitude: -71.107942

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