Wednesday, September 14, 2011

Cost of Foreclosures



Broad coalition to launch new Refund and Rebuild California campaign
saying "it's time to make Wall Street banks pay"

SACRAMENTO -- More than four years into a housing crisis caused by banks
that continues to depress the economy and ravage California
neighborhoods, a coalition of homeowners and community leaders will hold
a press conference in Oak Park to release a new report documenting the
devastating costs of the foreclosure crisis to neighborhoods throughout

Following the press conference, community members will go door to door
in Oak Park to spread the word among neighborhood residents discuss the
issue and inviting them to participate in the community campaign.

This is the first report to bring to light the full impact of the costs
to Wall Street foreclosures in the city of Sacramento, with detailed
numbers for individual neighborhoods including Oak Park, which has
disproportionately suffered from the foreclosure crisis.   New data in
the report will include:

 * Losses in homeowner wealth;
 * Property tax revenue lost due to depressed home values; and
 * The total cost to local government.

The event will mark the launch of a new neighborhood-based campaign
called "/Refund and Rebuild California/."  On September 15, a statewide
coalition of homeowners, community members, faith leaders and students
will hold events in hard-hit neighborhoods across the state announcing a
new series of actions throughout the fall saying it's time to make Wall
Street banks pay for destroying jobs and neighborhoods with their
greedy, irresponsible and predatory business practices.

*WHAT: *News conference releasing new report detailing cost of
foreclosures to Sacramento and its neighborhoods and announcing the
launch of new statewide "Refund and Rebuild California" campaign

Following the event, homeowners will go door to door in Oak Park to
spread the word among neighborhood residents in high-density foreclosure
and blighted blocks about the "Refund and Rebuild California" campaign

WHEN:                 11 a.m., Thursday, September 15
WHERE:               A blighted property in Oak Park (3641 18th Avenue, Sacramento, CA 95820)
WHO:                   Homeowners, community members and faith leaders

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