The Advertising Council, in partnership with Neighborworks® America, announced today the launch of a national public service advertising (PSA) campaign designed to educate homeowners about where they can turn for help if they are at risk of foreclosure, which according to according to several housing industry estimates, are expected to exceed one million households in 2007.
Research released today by NeighborWorks® America shows that homes that are not directly foreclosed upon can also be affected by foreclosure. Furthermore, homes that are close to those that were foreclosed upon lose nearly one percent of their value for each foreclosed property. Studies conducted by Freddie Mac show that roughly 50% of delinquent borrowers avoid contact with their lender hoping the problem will go away. If these homeowners could receive solid financial advice and help, tens of thousands of them could avoid foreclosure.