Source: Champlain Housing Trust Press Release, June 24
“A report released recently by a researcher at Vanderbilt University in partnership with the National Community Land Trust Network found that conventional homeowners were eight times more likely to be in the process of foreclosure than owners of community land trust homes at the end of the 4th quarter of 2009. The Champlain Housing Trust (CHT), a member of the Network and a participant in the study, had no foreclosures in 2009 among its portfolio of 477 resale–‐restricted homes in northwestern Vermont.
According to the Mortgage Bankers Association (MBA) survey of conventional mortgages, 4.6% were in the process of foreclosure, compared to only 0.6% of CLT mortgages for the period studied. When the percentages of “seriously delinquent” mortgages for the end of 2009 were calculated (which includes delinquencies of 90 days or more and those in the foreclosure process), MBA percentages ranged from 5.4% to 30.6% (depending on loan types) compared to only 1.6% in CLTs…”
