Mortgage And Real Estate News

Sunday, August 18, 2013

For many homeowners facing foreclosure, aid came too late - USATODAY.com

Arizona has failed to pass alongtens of millions of dollars in federal aid to help struggling homeowners avoid foreclosure, despite being one of the states hit hardest by the housing bust.

Arizona had the nation's second-highest foreclosure rate during much of the housing crisis. Yet from mid-2011 through the end of 2012, it spent only 6 percent of $268 million allocatedto help Arizona homeowners through the worst housing crash in the country's history. And a large portion of Arizona's money was spent setting up the program -- at one point making the state's administrative costs the highest in the country.

Through 2012, Arizona had the poorest performance of any of the 18 states, plus Washington, D.C., that received federal "Hardest Hit" funds to help homeowners. The most successful states had spent more than 45 percent of their federal government allocation by the end of last year.

Read more...For many homeowners facing foreclosure, aid came too late - USATODAY.com

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