Congressman Cohen to Host Foreclosure Assistance Workshop on Saturday, Feb. 16

The purpose of the workshop is to provide homeowners who are concerned with rising mortgage payments or foreclosure with timely, confidential information and objective advice from trained counselors. The workshop will also give homeowners an opportunity to meet with counselors individually to discuss their own circumstances and available options.

Congressman Cohen stated, “I share the same concerns of many residents in the Ninth Congressional District who are concerned about the alarming rate of foreclosures, which have affected our families, friends and neighbors. I want to be sure that every homeowner has access to the most useful and current information. Everyone who wishes to attend the workshop is encouraged to contact my district office at 544-4131 to ensure we have enough counselors at the workshop.”

According to RealtyTrac, an online marketeplace for foreclosure information, metro Memphis’ foreclosure rate hit 2.1 percent of all households in 2007 making it the 13th highest in the nation. Memphis metro recorded 22,654 filings on 11,291 properties representing a 30 percent increase since 2006. That is more than double the national average of 1.033 percent of households filing for foreclosure. In fact, in several Memphis neighborhoods, the rate of foreclosure is as high as 11 times the national average. The State of Tennessee ranked 11th in the nation with a reported total of 45,834 foreclosures (around one percent of all households). This represents a 24 percent increase over 2006 and a 64 percent increase from 2005. Statewide, foreclosures account for 1.5 percent of all households. Nationwide, there were a total of 2.2 million foreclosure filings recorded in 2007. This report also shows that more than one percent of all U.S. households were in some stage of foreclosures during the year, up from 0.58 percent in 2006

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Contact:
Marilyn Dillihay, Press Secretary, Congressman Cohen (202) 225-3265/ (202) 368-9275
Charlie Gerber, Communications Assistant, (202) 225-3265 / (202)