Overview

Over the past 18-24 months, the United States has seen a spike in single-family mortgage foreclosures. The rising number of foreclosures has many implications for state and local government, including loss of revenue, displaced residents, and a rise in the number of vacant homes which lowers property values and attracts crime. States have taken the lead in tackling foreclosures through legislation and policy designed to mitigate the current crisis by limiting the number of foreclosures, stabilize neighborhoods by reducing the number of vacant and abandoned properties, and developing safeguards against future housing problems.