Homeowners Weather Foreclosure Storm
While homeowners across the country are facing foreclosure, most Community Land Trust (CLT) homeowners have weathered the storm. According to survey results released by an independent researcher with Vanderbilt University, conventional homeowners were 8 times more likely to face foreclosure than CLT homeowners at the end of the 4th quarter of 2009. Some of the success is drawn from the fact that CLT’s offer low-to-moderate income households the opportunity to buy homes at prices substantially below market rates, utilizing a combination of public and private subsidies. CLT’s also provide pre-purchase education and ongoing stewardship once homeownership has occurred. Read more.