Home prices fall, foreclosure help

KALAMAZOO, Mich. (NEWSCHANNEL 3) - The housing crisis is far from over.

Home prices took a record plunge over the last year. The S&P 20 City Housing Index says that prices dropped more than 16 percent between this August and the same time in 2007.

That's the largest drop since the index began collecting data back in 2000.

Overall prices dropped nearly 20 percent since peaking in June 2006.

No city on the index saw price gains.

With home values falling, plus the mortgage crisis right now, a record number of foreclosures continues to climb. Michigan is in the top five states with the highest number of foreclosures.

A staff attorney from Legal Aid of Western Michigan says her office continues trying to come to the rescue and bail out homeowners in their effort to avoid foreclosure.

If you're in a pinch you don't want to miss a meeting Wednesday night from 5:30 to 7:30. There are ways to handle the pinch. You'll learn how you can set up payment plans and how you can reduce your taxes.

Foreclosure rates in the area aren't good. The latest numbers from Realty-Trac say that since September Kent County is reporting more than 500 new foreclosures. Kalamazoo County has 181. Muskegon County has around 140 and Ottawa County has 133.

In July the average home price drop to just under $80,000.

The meeting is Wednesday night at the Northside Association for Community Development on North Park Street.

Mortgage Foreclosure Help:
 
Kalamazoo Neighborhood Housing Services
(269) 385-2916
 
Neighborhood Works Hopeline
1-888-995-HOPE
 
Legal Aid of Western Michigan
1-888-783-8190
 
State Bar of Michigan Lawyer Referral Service
1-800-968-0738
 
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A social emergency hotline that can provide referrals to organizations providing payment assistance, food assistance and medical assistance.
 

For additional information about mortgage/tax foreclosure go to www.holdontoyourhome.com.