Summary
With Los Angeles' foreclosure rate surging by nearly 300 percent, city housing officials said Wednesday they hope to stabilize the market soon with millions of dollars in federal funds that would allow them to buy and resell distressed homes.
More than $1.2 billion in federal funds is set to become available to California in as soon as a month. While it is not yet clear how much Los Angeles would get, funding will be doled out based on need across the state.See the full content of this document
Extract
Los Angeles Plans to Buy Foreclosed Homes
And Mercedes Marquez, general manager of the Los Angeles Housing Department, said the city is far ahead of other jurisdictions in tracking foreclosures and developing a program to supplement what the market is able to do...
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