Working with many new state and local initiatives in the next few weeks it is expected that about 5 billion dollars will be made available to households earning no more than 120 percent of the median income with 25% of the money going to families earning less than half the median.

The NSB has been out for about a year but the 1,000 foot pile of paperwork involved has suffocated most communities and made it a slow moving process.

More than 6% of all Nevada homeowners opened up a foreclosure filing to read their default notice.  That was the highest rate of foreclosure filings in the nation.   Arizona, Florida, California, Utah, Georgia, Michigan, Illinois, Idaho and Colorado all made the top 10 list for defaults.

It was only 3 months ago that the administration kicked off their 50 billion dollar strategy of financial incentives for the lending industry to lower home payments through mortgage modification and those solutions are off to painfully slow start.

June makes the fourth straight month that more than 300,000 homeowners got a foreclosure notice.

Banks have repossessed more than 79,000 homes in June 2009 and that is another increase from the 65,000 homes taken back in May.

There  is opportunity in those numbers.

I have discussed the U.S. Department of Housing and Urban Development’s Neighborhood Stabilization Program in the past.

This is the initiative that encourages redevelopment of neighborhoods that have suffered the most due to foreclosures and facilitating the resale of properties to home owners.

Bank of America will now notify participating cities that properties are available before they are listed on the MLS. The company will set the price with no haggling allowed.

Stay tuned for how this interesting development might affect us in Sandpoint, Idaho.