Last night Salisbury City council voted to establish a Foreclosure Task Force to help stop the high number of foreclosures in the area.
The task force will be made up of nine individuals such as bank representatives, realtors, and residents.
Council President Jake Day said, "We have this incredibly rapidly increasing rate of foreclosures -- an increase of 430% year over year from last year. So we’ve got have this rapidly increasing problem and we’re trying to create a group of people who know something about it to begin to address it and reduce those rates."
NEW CASTLE, Del. (AP) - New Castle County has been awarded $1.45 million in federal funds to help neighborhoods hit hard by foreclosures.
The county council will vote on Sept. 18 whether to accept the funds from the U.S. Department of Housing and Urban Development.
The money would be used to buy, rehabilitate and resell up to 10 foreclosed or vacant properties in New Castle, Bear, Glasgow and Newark. It will also provide loans to help buyers of vacant homes with down payments and settlement costs.