I don’t have a lot of time to talk about it today but in the last month or so I have learned about a lot of information about Brooklyn Center’s soon-to-be-implemented program to try to get foreclosures owner-occupied once again. Below is a great article with some more information:
Brooklyn Center tries new method to stimulate sales of foreclosures (Star Tribune)
Brooklyn Center’s housing market has been hit hard lately (see here, and here) and this program, which could help 100 or more home buyers with up to $10,000 in forgivable loans could have a dramatic impact on their housing market. At the end of 2008, Brooklyn Center had 213 lender-mediated listings active on the MLS so if the program is successful, it would be like taking away 1/2 of the distressed properties currently for sale… that’s huge!
While $1,600,000 is a lot of money, the cost of doing nothing is far greater since left alone, these neighborhoods will suffer from more price declines, blight, crime (vacant houses attract bad activities), and further affect residents’ morale.
I wish the very best of luck Brooklyn Center and hope that this program is successful such that other communities hit hard by foreclosures dig deep into their pockets to find ways to do something similar.
If anyone reading this does take advantage of the program, I’d love to hear from them!
