Posted by 101livescan on 9/28/08 11:40am
Msg #265627

HUD Neighborhood Stabilization Program

States are getting money to buy foreclosure neighborhoods to infuse stimulation and clean up distressed areas of their cities.

http://www.bizjournals.com/portland/stories/2008/09/22/daily48.html

Wonder what kind of loans people can get to purchase these homes once they come onto the market?

Reply by Linda_H/FL on 9/28/08 12:07pm
Msg #265628

"Wonder what kind of loans people can get to purchase these homes once they come onto the market?"

That will probably hinge on the final provisions of the bailout...MHO

Reply by 101livescan on 9/28/08 1:26pm
Msg #265634

Exactly, we already know credit will be more closely scrutinized, and it will cost more to get it. Meanwhile a whole bunch of people will not be in the equation due to lower credit scores, BKs, foreclosures, etc. Those who can invest will. The rich get richer, the middle class get poorer.

Reply by Doris_CO on 9/28/08 1:46pm
Msg #265637

I disagree with your last statement. Those who have managed their money well, no matter what income bracket they are in, and have good credit, might take advantage of the new deals coming out of the foreclosure mess. My husband and I were able to pick up a foreclosure in Dec 07 and we're definitely middle class. With the banking mess going on now, investing in a foreclosure might be safer then buying stocks or bonds or keeping money in a CD.

Reply by 101livescan on 9/28/08 8:35pm
Msg #265655

To clarify, the gap between the the rich and the poor is narrowing...it will become increasingly difficult in the coming years for as many people to be able to make investments in foreclosure properties. Yes, there are people who have been conservative and careful with their money, living frugally, who will be able to pick up good buys. It will be interesting to watch the bailout unfold and observe the impact the program will have on all of us.

Reply by JanetK_CA on 9/29/08 7:43pm
Msg #265790

My borther is a realtor marketing foreclosed properties in another state. He said there are definintely buyers out there and they seem to fall into two groups. The first is people who have been waiting for the right market conditions; they've been saving vs. overspending, and either first time home buyers or those waiting for the right time to get back in. The second group are investors who know a good deal when they see it.