Communities are also working to find ways to address the challenges that foreclosed homes can present, such as decreased home values and vacant properties that can deteriorate from neglect. Toward this end, the Federal Reserve has recently engaged in a partnership with NeighborWorks America to help identify strategies to help stabilize neighborhoods.
It is essential that organizations with access to at-risk homeowners, particularly those who may have additional challenges, such as language barriers, engage in foreclosure prevention initiatives to help keep families in their homes and stabilize communities.