HUD also hosted a forum for real estate professionals on selling HUD foreclosures and participated in the 7th Annual Affordable Housing Conference in downtown Atlanta, put on by three nonprofit groups. Much of the discussion there focused on the federal government’s new $3.92 billion Neighborhood Stabilization Program, which gave money to states and communities so they can buy and refurbish or demolish foreclosed homes. The program is part of the Housing and Economic Recovery Act of 2008.
HUD’s inventory of homes in Georgia climbed 39 percent from September 2007 to September 2008 because of soaring foreclosures, and they now total more than 3,200. Sixty percent of those homes are in six metro Atlanta counties.
HUD ends up with the properties when homeowners with FHA-insured mortgages stop making payments.
I've had a great deal of success helping people purchase HUD homes here in the Fort Mill SC area. While it can be a pretty stressful transaction, mostly because of the extra hoops HUD sometimes causes you to jump through, these homes usually end up being a FANTASTIC deal.
While it's unfortunate that people have had to foreclose, it presents a great opportunity for those looking for a great real estate deal.
Posted by: Fort Mill SC Real Estate | 10/26/2009 at 11:28 PM
I'm one of the "newbie homebuyers" who are picking up the trend in rising availability of foreclosing homes for sale. I was able to find a credible agent who'll guide me althroughout the process of buying this type of house. I hope that the HUD continues to implement more actions to ease out the current housing dilemma.
-Kelvin Weier
Posted by: daytona foreclosures | 02/01/2011 at 02:38 AM