The houses that were purchased by Indio, California from bank and Freddie Mac foreclosure lists and were renovated under the Neighborhood Stabilization Program are about to be sold. To make the renovated dwellings even more affordable, the city also offers financial assistance to buyers up to a maximum of $75,000 or 30% of the selling price.
The effort is part of a larger, statewide initiative designed to address foreclosure-related problems in the area, including the high number of properties under Palm Springs foreclosure listings and other city foreclosed home listings. The houses that were purchased under the program are mostly from neighborhoods all around the state that were affected by high rates of foreclosures.
As part of the effort to offset the impact of expanding foreclosed California home listings, a number of cities in the state have started similar programs. Indio has been using the $2.8 million funds it received from the federal government to refurbish and sell foreclosed dwellings to improve the condition and home values of neighborhoods all around the city.
So far, Indio has bought 13 houses under bank, government or Freddie Mac foreclosure lists to be rehabilitated and sold later. Among these dwellings, seven are already completely renovated and ready to be sold, while the remaining six are still in the process of being remodeled. The residential properties will be made available mostly to first time buyers.
According to officials handling the housing program, the effort is not only meant to make a dent on foreclosures lists all around the city, it is also designed to encourage home ownership and promote neighborhood improvement. The Indio initiative particularly targets low and moderate income home buyers. It is available to both first time buyers and those who have not owned a house for the past three years.
Aside from Indio, other areas in the state are also purchasing foreclosed residential properties and renovating them to be sold to low income buyers. Areas like Cathedral City and Desert Hot Springs are just two more examples of local municipalities that are purchasing houses from bank, government or Freddie Mac foreclosure lists and remodeling them and putting them back in the market.
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- Lists of Government Foreclosures Getting Longer in Every U.S. City
- List of Freddie Mac Foreclosures Grows Despite Modification Efforts
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