Habitat home residents hang on

Floridians with mortgages held by Habitat for Humanity have lower foreclosure rates than other borrowers, the Miami Herald reported. Habitat’s local foreclosure rate is less than 1 percent, compared to nearly one in four homeowners in the area who are either in foreclosure or behind on payments. There are about 7000 Habitat homes in Miami-Dade, and more than 50 homes in the Florida Keys. The homes are built by volunteers and low-income families who pitch in on construction, attend financial education classes and work to eliminate their debt in preparation for homeownership. Nationally, the organization’s foreclosure rate is less than 2 percent, according to spokeswoman Jolanda Logan. [Miami Herald]

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