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05-12-2009, 10:05 PM
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Senior Member
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Join Date: Jul 2006
1,013 posts, read 1,462,806 times
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Harris County Wants to Resell Foreclosed Homes
County getting into foreclosed-home business
Bailout funds will be used to buy, fix vacant properties for "qualified" families
ZIP CODES COVERED BY PROGRAM
Harris County will help eligible families buy foreclosed homes in the following ZIP codes: 77014, 77015, 77029, 77037, 77038, 77039, 77044, 77049, 77050, 77066, 77067, 77073, 77093, 77338, 77396, 77521, 77530, 77536, 77547, 77562, 77571, 77587
Harris County wants to resell foreclosed homes to families | Front page | Chron.com - Houston Chronicle |
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05-13-2009, 09:36 AM
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Senior Member
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Join Date: Oct 2008
1,262 posts, read 604,596 times
Reputation: 291
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I'm glad I dont live in one of those zips. Is'nt this how the whole mess started. Giving unqualified buyers loans they could not afford? This time they will give a 100,000 home to a "qualified" buyer for 60,000. All on your tax dollar!
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05-13-2009, 12:25 PM
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Senior Member
Status:
"51-yard moonshot = UH 46 - Tulsa 45"
(set 15 days ago)
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Join Date: Feb 2009
Location: H-town, TX.
652 posts, read 212,722 times
Reputation: 209
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77571?
I need to get out more.
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05-13-2009, 12:57 PM
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Senior Member
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Join Date: May 2007
Location: Sugar Land
182 posts, read 164,668 times
Reputation: 81
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Quote:
Originally Posted by westres1
I'm glad I dont live in one of those zips. Is'nt this how the whole mess started. Giving unqualified buyers loans they could not afford? This time they will give a 100,000 home to a "qualified" buyer for 60,000. All on your tax dollar!
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You lost me here. You're implying the city is buying the foreclosed house for $100K and selling it for $60K. That doesn't exactly make much sense. (though, with our government I wouldn't rule it out either)
Done right it sounds like a pretty good idea (a little bit on the socialist side of things though) to get property values up and get abandoned and potential trouble making properties off the market and back into the tax base, which is a good thing. But we don't have many details from Football's post to go on. |
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05-13-2009, 01:20 PM
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Senior Member
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Join Date: Jul 2007
Location: Kingwood, TX
1,476 posts, read 1,179,207 times
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From the article" "The county will buy each home for at least 15 percent less than its appraised value and resell it for up to 30 percent less than what it paid, Turkel said. That means a needy family could buy a house worth $100,000 for as little as $60,000."
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05-13-2009, 02:03 PM
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Senior Member
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Join Date: May 2007
Location: A little suburb of Houston
2,469 posts, read 2,012,507 times
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They say their purpose is to keep neighborhoods from being bighted by empty, foreclosed homes. How do they think a person who really cannot afford a house can maintain the upkeep on said house and prevent it from becoming a blight?
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05-13-2009, 05:38 PM
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Senior Member
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Join Date: Jul 2006
1,013 posts, read 1,462,806 times
Reputation: 300
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Mortgages are one of the few things left that actually keep this f'd up fiat money financial system they devised going. It's real bad when they don't have people paying into these investment vehicles, so they're going to do anything they can to prop it up.
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05-14-2009, 02:32 PM
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Senior Member
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Join Date: May 2008
625 posts, read 299,754 times
Reputation: 292
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It sounds like they will have to pay back the "discount" when they sell the house, even if it's twenty years later. I hope that's the case, it makes it a little better. Of course if they get foreclosed on, it won't help.
LESS GOVERNMENT, PLEASE
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