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Areas Prone to Foreclosures will Receive Help

November 26, 2008

The Federal Neighborhood Stabilization Program has planned to take actions in the increasing number of areas that are very likely to have a lot of foreclosure properties the future. Topping the program’s list are areas such as Orient Park, vicinity of University of South Florida, Progress Village, Clair Mel and Palm River. Playing second in the said list are Gibsonton, Plant City and Town ’N Country.

Although the program is still up for discussion in the Hillsborough County Commission, people are still positive about this development. The said plan is expected to give out million dollar rehabilitation budgets to the listed areas.

Town ‘N county, in particular, is likely to receive $19.1 million. Considered as one of the poster children of US mortgage crisis, Town’N County is known for housing a lot of foreclosed homes. Town ‘N county resident Rose Harper even said that she has had several, if not numerous, next door neighbors in the 36 years that she had lived in the neighborhood. The mustard-colored house next to her home is now under the management of www.ushomeauction.com.

The plan for these areas is to buy out units that are considered soon-to-be foreclosures.  The units will then be handed over to non-profit housing organizations. Such associations will then be tasked to rehabilitate the properties. The repossessed houses will be made available to qualified buyers.

Officials in the areas concerned said that foreclosure rates and high risk mortgages are just some of the aspects that contribute to the increase of foreclosure properties. However, community leaders, investors and realtors in the areas mentioned begged to differ. They said that foreclosure situations can be attributed to some builders and investors who have gone overboard in their projects during the last housing boom years.

Whatever the causes were, both groups are bent on tying up the loose notches in the housing economy.

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