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Over 50,000 homeowners in New York State face foreclosures
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More than 50,000 homeowners in New York State face foreclosure this year, according to a report on a news website Sunday.

The rise in foreclosures due to the housing bust is also ominous for the finances of local governments, who rely on property taxes for 44 percent of their revenue, the report quoted New York State Comptroller Thomas DiNapoli as saying.

He said property taxes could rise if the housing crisis accelerates in New York State and causes home values to continue to fall, according to the report.

"Property taxes are the foundation for local tax revenues, but that foundation is weakening," DiNapoli said.

New York State ranks only 36th among U.S. states on foreclosures.

In an effort to help American families weather the current financial and credit crises raging across the nation, Fannie Mae and Freddie Mac have reportedly agreed to suspend foreclosures and evictions until after the end of the holiday season.

Between Nov. 26, 2008 and Jan. 9, 2009, the two U.S. mortgage loan giants will attempt to put in place a loan modification program to help troubled borrowers.

(Xinhua News Agency November 24, 2008)

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