{"id":348755,"date":"2010-02-22T07:47:51","date_gmt":"2010-02-22T12:47:51","guid":{"rendered":"http:\/\/www.foreclosuredeals.com\/wp\/?p=5020"},"modified":"2010-02-22T07:47:51","modified_gmt":"2010-02-22T12:47:51","slug":"philadelphia-home-foreclosures-curbed-by-hamp-and-activism","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/348755","title":{"rendered":"Philadelphia Home Foreclosures Curbed by HAMP and Activism"},"content":{"rendered":"

Philadelphia home foreclosures<\/a> are being curbed by the federal Home Affordable Mortgage Program and activism by housing and community advocates.<\/p>\n

Based on a report from the Treasury Department, Philadelphia is 12th in a list of the top 15 cities with the highest rate of HAMP implementation. About 1.8 percent of distressed mortgages in Philadelphia were successfully modified since HAMP was launched by the federal government in the early months of last year.<\/p>\n

\"Philadelphia<\/div>\n

According to Phyllis Caldwell, head of the Treasury Department’s Homeownership Preservation Office, almost 1.3 million HAMP trial modifications were approved, but only 116,000 of these were put into permanent modification status. Another 76,000 mortgages are in the process of getting permanently modified.<\/p>\n

The highest pace of HAMP activity occurred in New York, which posted a 6.1-percent modification activity, followed by Los Angeles with 5.8 percent and Chicago with 5.1 percent. Next were Miami and Phoenix, which posted 4.7 percent and 4.1 percent, respectively. Washington, D.C., Atlanta, Las Vegas and Detroit were also among the top 15 cities.<\/p>\n

While the foreclosure prevention program in Philadelphia has been copied by other cities because of its success, community activists are not satisfied with the results. They want more action in cutting down Philadelphia home foreclosures.<\/p>\n

One of these is the Poor People’s Economic Human Rights Campaign and the Kensington Welfare Rights Union which were founded by Cheri Honkala in the 1990s to fight for homeless and welfare rights. Honkala has been a problem to city officials because of her radical protest actions and her refusal to advance her causes in accordance with city regulations.<\/p>\n

In 2009, the Philadelphia metro area posted more than 31,000 foreclosure filings, an increase of almost 15 percent from 2008 and a 101-percent jump from 2007. The number represented 1.3 percent of all households in the metro area and put Philadelphia 113th among the 203 largest metropolitan areas in the country based on rates of foreclosure activity.<\/p>\n

Similarly, the pace of home foreclosures in Pennsylvania<\/a> also rose in 2009 to almost 45,000 foreclosure filings. The number represented 0.82 percent of all homes in the state and put Pennsylvania 33rd in a listing of the 50 states based on foreclosure activity.<\/p>\n

While the foreclosure situations in Pennsylvania and in the city of Philadelphia are much better than most other states and cities, the numbers of foreclosures homes<\/a> are still relatively large. In the second round funding of the Neighborhood Stabilization Program, nearly $44 million was allocated to address the problem of Philadelphia home foreclosures.<\/p>\n","protected":false},"excerpt":{"rendered":"

Philadelphia home foreclosures are being curbed by the federal Home Affordable Mortgage Program and activism by housing and community advocates. Based on a report from the Treasury Department, Philadelphia is 12th in a list of the top 15 cities with the highest rate of HAMP implementation. About 1.8 percent of distressed mortgages in Philadelphia were […]<\/p>\n","protected":false},"author":4094,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-348755","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/348755","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/4094"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=348755"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/348755\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=348755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=348755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=348755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}