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Comprehensive Plan Housing Element appropriate state and federal funds to provide needed infrastructure to areas with a high concentration of low to moderate income households. For other areas, the county should continue its policy to assess residents for the cost of infrastructure projects in their neighborhood, so that the people benefiting from these projects pay most of the project cost. In the future, the county should continue to offer its utility and roadway assessment programs. • Homeownership An important factor in improving neighborhoods is increasing the percentage of home ownership. Generally, homeowners maintain their property and their neighborhood better than renters. One advantage of the SHIP and HHR programs is that both focus on homeownership. In Indian River County, 66% of all units are owner -occupied, while only 19% are renter occupied. The remaining units are vacant. In the future, the county should continue to maintain its SHIP program with emphasis on homeownership. • Foreclosures When the downturn in the housing market began in late 2006, sales of new housing units declined, and housing values fell. Because of the sub -prime mortgage problem, the re -setting of adjustable rate mortgages, the abandonment of units by investors and speculators, as well as lowered housing demand, the number of foreclosures began to increase at about that time. In 2008, the number of foreclosures increased significantly throughout the country. According to Realty Trac, Inc., Florida had the second highest number of foreclosure filings in the nation in July 2008. Generally, foreclosures occur in stages. These stages are: • Notice of Default (NOD) • Lis Pendens (LIS) • Auction Notice of Trustee Sale (NTS) • Notice of Foreclosure Sale (NFS) • Real Estate Owned (REO) Table 7.18 shows the July, 2008 foreclosure activity levels in the Nation, State, and Indian River County. 29 Community Development Department Indian River County