Community nonprofits to get first look at foreclosed properties
September 2nd, 2010 3:09pm
| Share This |  |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
|
 |
 |
 |
Some of the country's biggest mortgage lenders have now reached an agreement with the Department of Housing and Urban Development to give local nonprofit organizations the ability to purchase foreclosed homes before investors have an opportunity to bid on them.The nonprofits have been operating under HUD's Neighborhood Stabilization Program, which purchases and renovates foreclosures to turn them into affordable housing opportunities.
"This groundbreaking agreement will help rebuild neighborhoods that have been struggling with blight and declining home values due to foreclosures," said HUD Secretary Shaun Donovan. "This agreement helps us level the playing field to give communities a better chance to stabilize these neighborhoods."
Officials said that on many occasions, the organizations ended up competing with outside investors, which affected their ability to accomplish their goals. Under the new National First Look Program, nonprofits will have two days to show interest in a property, and then 12 more to work out a deal to buy it.
HUD did not name which nonprofit agencies would be participating in the program. The local NSP is currently run through the Harris County Community Services Department. As of this past May, the organization had purchased roughly 70 Houston foreclosures.
Related News Articles in Distressed Properties
- New foreclosure regulations to keep Houston homeowners informed
New mortgage standards for major lenders are due to take effect starting January 2012, Marketwatch reports.October 17th, 2011 10:15am - Harris County preparing to file suit against major lenders
The major settlement between major banks and many of the state attorneys general may not absolve banks of all liability over problems with the mortgage process.October 13th, 2011 9:40am - Residential vacancies, homeownership both down during second quarter
According to a recent report from the U.S. Census Bureau, the rates for both residential vacancies, including rentals and houses, and homeownership declined during the second quarter.August 1st, 2011 4:05am - Price-reduced homes remain widespread nationwide
A report from California-based ZipRealty finds homesellers in many parts of the country continue to cut their asking prices, providing affordable options for those looking to buy Houston homes.April 27th, 2011 11:00am - Research finds lower homebuyer activity, increased distress
Distressed properties make up nearly half of the housing availability in the U.S., according to research from Campbell's HousingPulse tracking survey.April 27th, 2011 2:52am
My Account
Log in, to view your saved searches and add to your favorite listings.
Forgot your password? Click here!
... So You Can:
- View detailed property information
- Print detailed property flyers
- Save your searches & favorite homes
- Inquire about a private showing
- Map individual property locations
- Share your favorite homes with friends
