by Juliana Birnbaum Fox
The California State Senate Banking, Finance & Insurance Committee heard testimony this week from various experts across the state about the social and economic implications of foreclosures and how to prevent them, urging the state government to take action. California has had the most foreclosures in the nation, and six California cities were among the nation’s ten cities with the highest foreclosure rates in June.
“The loss of home ownership is just the first step in the economic and humanlending of this crisis. If homes go vacant, neighborhoods lose value,” said Alan Fisher, executive director of the California Reinvestment Coalition (CRC) “There is a domino effect causing other homes become in danger of foreclosure as they lose value. All these homeowners become more financially stretched and retail sales drop. Cities lose revenue and employment decreases.”
Milestones made in Visitacion Valley initiative
Avenue, Visitacion Valley’s commercial district, and progress on negotiations for the development of a mixed-use community at the former Schlage Lock factory.Mayor Newsom announced grants totaling $4.1 million for improvements to Leland
“This substantial investment of public funds for our streetscape improvements, and the progress on the Schlage Lock site, are the result of the community’s unceasing efforts to improve this neighborhood,” said Mayor Newsom. “We are pleased to be working with merchants and residents to beautify Leland Avenue and contributing to the renaissance taking place in Visitacion Valley.”