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Current Status of Foreclosures <br /> The number of homes in foreclosure in Brooklyn Park over the past two years has reached nearly <br /> 900 as the chart below illustrates. Moreover, foreclosures are predicted to continue to rise in <br /> Brooklyn Park, and across the nation, in the next few years as a large number of adjustable rate <br /> mortgages (ARMs)are set to adjust to higher interest rates. It is predicted that 2008 will have the <br /> highest number of foreclosures yet. <br /> Brooklyn Park Foreclosures <br /> January 2006 to December 2007 <br /> 80 <br /> N <br /> 7 F <br /> c 60 <br /> 40 i <br /> o i <br /> a 20 <br /> Z 3 <br /> 0 <br /> Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- <br /> 06 06 06 06 06 06 06 06 06 06 06 06 07 07 07 07 07 07 07 07 07 07 07 07 <br /> Estimated number of foreclosures Month <br /> for the 2006&2007=891 homes Source:Hennepin County Sheriff's Office <br /> To stem the tide of foreclosed homes,the City of Brooklyn Park is working in partnership with other <br /> stakeholders to reach homeowners as early as possible to connect them to foreclosure prevention <br /> resources. This outreach is being done in a variety of ways:resources on site at City Hall,city and <br /> local media publications,city website,literature campaign,local employers,and new door-to-door <br /> outreach and a Foreclosure Prevention Open House&Workshop. In addition,the Brooklyn Park <br /> Economic Development Authority (EDA)has budgeted $100,000 for foreclosure prevention and <br /> $150,000 for rehabilitation of foreclosed or vacant homes. As part of these foreclosure initiatives, <br /> the EDA is focusing on three main strategies,detailed below. <br /> L Foreclosure Prevention <br /> One of the most cost-effective ways to lessen the impact of foreclosures on the community is to <br /> prevent families from falling into foreclosure.The goal is to reach home owners as early as possible <br /> to connect them with free foreclosure prevention resources. In addition, banks and lenders are <br /> increasingly willing to facilitate loan modifications and adjust loan terms—this will,in turn,allow <br /> families to stay in their homes,thereby stabilizing neighborhoods and the city. <br /> A. Programs <br /> Home•Owner Counseling <br /> Over the past year, Brooklyn Park has partnered with the Community Action Partnership of <br /> Suburban Hennepin(CAPSH)to provide residents free, confidential, one-on-one foreclosure <br /> 2 February 2008 <br />