Federal Reserve Offering Foreclosure Hotspot Maps Online
The Federal Reserve announced Tuesday that they will now be offering maps of foreclosure hotspots where sub prime mortgages have contributed to widespread foreclosure and defaults. The maps, which are available online at www.newyorkfed.org/mortgagemaps/, will display foreclosure trends by region, with the ultimate intention of helping community groups identify where they can focus their energies toward foreclosure prevention.
The idea behind the foreclosure hotspot maps is to raise awareness about where homeowners are dealing with foreclosure so that they can be assisted, but also to help local policymakers, officials and governments easily recognize parts of their own regions which may need assistance. Statistics can be helpful, but the maps are designed to make the presence of foreclosure more strongly and physically recognizable.
However, these maps may also be useful to those interested in buying foreclosure properties. Since they are easily accessible online and fully searchable by zip code, city or state, they can be convenient indicators of where to look into buying properties. They also carry statistics which can be helpful, such as foreclosure rates and ratios, and high loan to value ratios.
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