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Buyers flocking to fixed-up foreclosures

January 25, 2011 - While the national foreclosure situation has depressed home prices and frustrated homeowners, many buyers are taking advantage of the climate by moving into distressed homes.

The federal government's Neighborhood Stabilization Program - offered through the Department of Housing and Urban Development - has provided many Americans with the dream of homeownership, reports the McClatchy-Tribune. The program gives local governments and nonprofit organizations the funds they need to buy vacant foreclosures and fix them up, making them suitable for a buyer who would purchase the home at a discount. Aside from connecting willing buyers with affordable homes, the program helps rehabilitate neighborhoods suffering under the blight of foreclosure.

"Of all the programs bandied about, this is the one that probably has the most potential for making some real inroads," Rich Sharga, vice president for RealtyTrac, told the news service. "A lot of these properties are ones nobody wants to buy. It's really a way to begin the healing process for the most devastated markets."

Homeowners living near foreclosures can see their home's value decrease as a result, said the report.

There are ways for those living near foreclosures to combat that loss of value. Home improvements, such as replacing one's windows, can help increase a home's value and its curb appeal.
 

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