DEMOLISHING VACANT HOMES WILL REVITALIZE OUR COMMUNITIES

"I rise today to address the large number of vacant and abandoned homes in my District and across the nation.

Remnants of the foreclosure crisis still linger. Home values plummeted during the country's economic crisis, and have continued to decline year after year due to the blighted and abandoned homes.

Nationally, nearly 4.5 percent of mortgages are in foreclosure, more than a quarter of mortgage borrowers are underwater and 11.4 percent of all homes are vacant. Cities and state governments need our help.

In Cleveland, 15,000 homes are vacant and in need of demolition. Demolishing these structures will cost approximately one hundred million dollars.

Homeowners are depending on us to help stop the free fall of their property values. It's time we develop and pass meaningful legislation that promotes the revitalization of our neighborhoods.

I yield back."

Category:

News & Politics

Tags:

• CSPAN
• 12
• 15
• 2011
• 12
• 13
• 48