U.S. Senate Coming Close to Passing a Foreclosure Law

ForeclosuresMass President and co-founder, Jeremy Shapiro Foreclosures in Montgomery County, Maryland are skyrocketing, they have jumped sixfold over the last yea, hitting Silver Spring, Germantown, Gaithersburg and Montgomery Village the hardest. Foreclosures jumped nearly 800 percent in the last year, up from 183 foreclosures in the first quarter of 2007 to 1,646 events for the first quarter of this year. The U.S. Senate is coming very close to having a law that would help homeowners in foreclosure, passed. The Senate voted 83-9 to consider authorizing the Federal Housing Administration to help troubled borrowers avoid foreclosure. The housing crisis is now being felt in Skokie, Illinoise. In 2006, Skokie had 90 foreclosures compared to 173 in 2007. the median price for homes has dropped from $400,000 in 2006, to $375,00 in 2007, to $332,500 in the first four months of this year.

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