Cities have trouble selling fixed-up foreclosures

They’ve got the homes. They just need buyers.

Local communities have been using millions of federal dollars to fix up and resell foreclosed homes in an effort to battle blight and to protect surrounding property values, but those neighborhood revivals are being hampered by rehabbed homes that cities can’t unload.

The homes were supposed to be bargains for the low- and moderate-income families eligible for the programs, but officials now realize a number of the homes they bought didn’t match the needs of would-be buyers.

And cities need to sell those homes so they can take the money and put it back into the pot to buy and fix up more foreclosures and keep the neighborhood turnarounds going.

Margate spent $2.1 million buying and repairing a dozen foreclosed homes, but has only sold one since putting them on the market in May. Three others are under contract.

“I anticipated that I would have hundreds of people calling me,” said Kim Liakos, who coordinated the city’s program. “I don’t know what the problem is.”

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9 Responses to “Hurry, Throw them Deadbeats Out! Cities have Trouble Selling Fixed-Up Foreclosures”
  1. Readdocs says:

    That was a stupid financial move, buying foreclosed homes that possibly have broken
    or clouded titles. How are they going to sell a foreclosed home if the title companies
    will not issue title insurance?

    • Fury says:

      they can’t sell it.
      people are just now realizing that fact.

      that’s why it may be the start of the end game for the banksters.

  2. Fury says:

    the homes that the banks stole have broken titles.
    the jig is up.

  3. Why would anyone trust the banks, the insurance companies, or the government to purchase a house they know they may loose in the end to corruption? or trust purchasing a stolen house? A clouded titled house? A house that may continue to drop dramaticaly in vallue? The housing market has not reached the bottom yet! Most people I know see the crime. They do not want to deal with the terrible stress the banks cause a homeowner. The banks and government have their heads in the sand. The economy wont roll until people, purchasers, borrowers, and investors can trust the government, the judicial system, the regulators and the banks. You reap what you sow! And she says she does not understand why they are not moving. I do. People are not stupid. And the truth is out. We do not trust our banks, our governent nor our local judicial system. It takes the U.S. Appeals courts and the U.S. Supreme Courts to bring justice. PEOPLE ARE AWAKE! WHAT OUT GOOD OLE BOY POLITICIANS. THE ONES THAT HAVE OUTRAGEOUSLY BEEN WRONGDOERS OR NOTHING DOERS WILL BE OUT OF OFFICE AND ON THEIR EARS SOON. THE DAYS OF DECEIT AND BLIND TRUST ARE OVER. Unfortunately we need to put our children through law school to survive the crooks. Law School in kindergarten through college!

  4. Tim Bryant says:

    As long as the mortgage industry is based almost entirely on fraud, the Housing market will NEVER, EVER recover.

  5. lvent says:

    The U.S. GOVERNMENT should do the right thing and return all of the stolen property to the American people along with all of the ill-gotten gains these criminals have stolen by committing massive fraud and racketeering, along with counterfeiting…..These foreign owned multinationals fully intended to set America up to fail and steal everything away from the American people and rob America into bankruptcy……This was a ruling elite Hitler Plan…The U.S. Government must stop this illegal tyranny or resign….immediately!!!

    • CaitlinO says:

      Godwin”s Law:

      “There are many corollaries to Godwin’s law, some considered more canonical (by being adopted by Godwin himself)[3] than others.[1] For example, there is a tradition in many newsgroups and other Internet discussion forums that once such a comparison is made, the thread is finished and WHOEVER MENTIONED THE NAZIS HAS AUTOMATICALLY LOST WHATEVER DEBATE WAS IN PROGRESS.[7] This principle is itself frequently referred to as Godwin’s law.”

      • Sorry, but this is very simular to the days of the Natzi’s. The Natzis were backed and even pushed to do the same thing to the Jews, homes and incomes and bank accounts. Your head is in the sand if you think not. As I said above the people are awake and not as unsophisticated as in the 1980’s and 1940’s.

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