Home / Development / National mortgage plan may not resonate in Gainesville

National mortgage plan may not resonate in Gainesville

By

Nationwide, struggling owners are expecting relief following a mortgage deal struck by the federal government and many large banks, but Gainesville/Alachua County Association of Realtors President Craig Wilburn says it may not be the long term solution North Central Florida really needs.

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

The plan outlines two possible paths for relief. One would give homeowners who want to stay in their homes the opportunity to refinance at lower rates. The second gives up to $2,000 back to people who went through the foreclosure process between 2008 and 2011. He says Gainesville’s foreclosure and distressed homes rate is at 25% of the market, but some areas around the nation see rates as high as 80%.

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

He says this is a step in the right direction, and although it may not make a big impact in Gainesville, any step towards helping people stay in their homes is a positive one.

About Ethan Magoc

Ethan is a journalist at WUFT News. He's a Pennsylvania native who found a home reporting Florida's stories. Reach him by emailing emagoc@wuft.org or calling 352-294-1525.

Check Also

Proposed Gainesville Regional Airport parking expansion

Airport Authority To Discuss Proposed Parking Expansion At Neighborhood Workshop

The Gainesville-Alachua County Regional Airport Authority hosts a neighborhood workshop Tuesday to discuss a proposed expansion of its parking lot in response to an increase in passenger traffic. Airport officials said growth in passenger traffic has resulted in needed improvements.