U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > U.S. Forums > Texas > Houston
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 05-12-2009, 10:05 PM
 
1,303 posts, read 5,997,213 times
Reputation: 1030

Advertisements

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
Rate this post positively Reply With Quote Quick reply to this message

 
Old 05-13-2009, 09:36 AM
 
2,639 posts, read 7,575,315 times
Reputation: 1354
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!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-13-2009, 12:25 PM
 
Location: H-town, TX.
3,503 posts, read 6,350,493 times
Reputation: 2232
77571?

I need to get out more.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-13-2009, 12:57 PM
 
Location: Sugar Land
182 posts, read 715,444 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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-13-2009, 01:20 PM
 
Location: Houston, TX (Bellaire)
4,900 posts, read 12,442,701 times
Reputation: 4167
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."
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-13-2009, 02:03 PM
 
Location: A little suburb of Houston
3,702 posts, read 16,987,442 times
Reputation: 2075
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?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-13-2009, 05:38 PM
 
1,303 posts, read 5,997,213 times
Reputation: 1030
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-14-2009, 02:32 PM
 
809 posts, read 3,324,118 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
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Texas > Houston
View detailed profiles of:

All times are GMT -6. The time now is 03:06 PM.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top