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Old 05-12-2009, 10:05 PM
 
1,287 posts, read 5,868,244 times
Reputation: 1004

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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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Old 05-13-2009, 09:36 AM
 
2,631 posts, read 7,367,168 times
Reputation: 1346
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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Old 05-13-2009, 12:25 PM
 
Location: H-town, TX.
3,480 posts, read 5,958,260 times
Reputation: 2175
77571?

I need to get out more.
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Old 05-13-2009, 12:57 PM
 
Location: Sugar Land
182 posts, read 700,900 times
Reputation: 104
Quote:
Originally Posted by westres1 View Post
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!
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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Old 05-13-2009, 01:20 PM
 
Location: Houston, TX (Bellaire)
4,813 posts, read 11,981,203 times
Reputation: 3990
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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Old 05-13-2009, 02:03 PM
 
Location: A little suburb of Houston
3,702 posts, read 16,557,388 times
Reputation: 2066
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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Old 05-13-2009, 05:38 PM
 
1,287 posts, read 5,868,244 times
Reputation: 1004
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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Old 05-14-2009, 02:32 PM
 
809 posts, read 3,244,526 times
Reputation: 571
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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