Bush Scheduled To Visit Arkansas To Discuss Foreclosure Related Housing Problems
Posted on July 2, 2008
Filed Under Repo Homes |
President Bush will be visiting Arkansas to discuss foreclosure related housing problems. However relatively speaking, here the foreclosure situation is better off than other parts of the country.
Bush will be visiting Arkansas for the first time since last October. He will be presiding over a round table conference to raise funds for the Republican Party of the state. Bush had won the presidential elections from Arkansas both in 2000 and 2008.
His first port of call will be with the clients of Family Service Agency in North Little Rock. Henry Cameron of the agency said that the number of people coming to them for foreclosure problems has doubled. Previously the average was five calls per month. But lately it has shot up to twelve. Cameron put the blame for this foreclosure problem on rising food and fuel prices that have gnawed into the income of households. For the average resident it is a difficult set of priorities – food to eat, gas for the car or mortgage payments to avoid foreclosures.
According to ReatlyTrac the number of repo homes in Arkansas has jumped by 26.44%. In 2006 there had been 11,318 foreclosure postings but in 2007 it went up to 14,310 making Arkansas rank 28th in the national foreclosure postings.
Last week a rescue plan for foreclosures with the broad support of both Democrats and Republicans was stalled in the Senate over tax related problems. Democrats were pushing ahead for a quick push through. If approved the bill would ensure government backing of $300 billion in new mortgages that would be cheaper for those borrowers who were under the foreclosure cloud. There is a lot of behind the scene activity by lawmakers so that the bill does not come up against a presidential veto.
The president of Arkansas Mortgage Bankers Association Laney Briggs said that the state has not witnessed the foreclosure crisis in it full intensity as elsewhere. Rather it is suffering because of what is happening in other areas. Initially there were very few sub-prime loans in Arkansas. Since the crisis there is none. What has been a big loss for the local housing market is that Alte Corporation is shifting its headquarters with it being acquired by Verizon Wireless. The latter will keep its regional presence but it does not compare with the Alte headquarters overlooking River Arkansas.
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