City Shapes Foreclosure Plan

The city of San Diego is outlining a new plan to help struggling homeowners and to deal with homes that have already been foreclosed.

The reality is that few people are experts when it comes time to buy a home; rather, they tend to learn as they go along. The same is true when it comes to keeping their homes in a county where foreclosures are way up.

On Tuesday, Mayor Jerry Sanders detailed the city's plan. More than $9 million federal dollars will be used to counsel struggling homeowners and, in some cases, help first-time homeowners to buy foreclosed homes. The city will also purchase some homes, many of them possibly abandoned, and turn them into rental properties. It's possible that the people renting those homes will be encouraged to later purchase the residences.

The city is very concerned about abandoned properties and their associated problems. Between 2007-2008, there were 19,000 foreclosures in the county, an increase of 130 percent, and officials are concerned those figures could rise this year.
City officials said that nearly half of the people facing foreclosure never turn to anyone for advice. Now the city is encouraging people to go to for advice. It is also offering free home clinics to help people facing these tough times.

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