MIAMI - AUGUST 24: A for sale sign stands in front of a home on August 24, 2010 in Miami, Florida. The National Association of Realtors released the sales numbers for July, showing they fell by more than 27 percent to a seasonally adjusted annual rate of 3.83 million, which represents the lowest level of sales since 1995 for previously occupied homes. (Photo by Joe Raedle/Getty Images)(Joe Raedle/Getty Images)
RICHMOND (KCBS)— The City of Richmond continues to stand alone in its plan to use eminent domain as a way of helping homeowners who are underwater on their mortgages. Meanwhile, realtors in Contra Costa County have taken to the airwaves in opposition.
The Contra Costa Association of Realtors is now running radio ads, opposing the eminent domain plan by calling it a “scheme” and says that homeowners who allow their mortgages to be seized, could damage their own credit.
Jeff Wright, who chairs the association’s Homeowners Preservation Task Force, said the city’s plan could have “adverse effects” on the real estate market for buyers that can “conceivably raise the cost of financing”.
