ForeclosuresRI President and co-founder, Jeremy Shapiro
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Congress is looking to spend billions of dollars all over the U.S. in an effort to buy and revamp foreclosed properties. The Lining Cities Consortium will announce a plan today t provide up to $10 million in grants and low-interest loans to state and local programs addressing rising foreclosures.
Congress is also coming together on a government rescue package to resolve the nations foreclosure crisis, which has hit Ohio particularly hard. Ohio ranked ninth in the country, although the number of filing in Ohio was down 7 percent, compared with May 2007. Ohio had about 12,000 foreclosure filings in May, the fifth highest monthly total in the nation.
Foreclosures in Tennesee increased by only 4.9 percent in May. foreclosures in Shelby County fell 16.6 percent from April, making the first decline from the previous month since February. The county registered 509 residential foreclosures in May, the lowest of any month this year.
