Some efforts are underway to prevent vacancies, as well as return vacant properties to active use;  BIS Review 31/2008  5  some of these efforts may also help preserve the supply of affordable housing in areas that have experienced shortages. 7 The Federal Reserve has recently undertaken a joint effort with NeighborWorks America to help communities develop strategies for neighborhood stabilization.
Conclusion It is clear that rising home foreclosures and delinquencies significantly challenge many consumers and communities, and I hope I have conveyed today that the Federal Reserve is strongly committed to fully employing our authority, expertise, and resources to help alleviate their distress.