Hot Plans for Buying and Repairing Foreclosed Units

Posted on September 4, 2008
Filed Under Repo Homes |

Hot plans are afoot for buying and repairing abandoned repossessed units from a sanctioned fund of $4.1 million. These would then be available for purchase by middle and low-income families and individuals.

Elizabeth Brubaker is one of the many engaged in the job in the Piute locality of Lancaster. Her enthusiasm is bubbling over. The drive way will be converted from asphalt to concrete. The trees will be kept standing where they are. Block walls will be erected and the wood siding eliminated. The garage will have a roll up shutters. After completion of renovation work the house would be sold to the lower and middle earning section of the people. The prime aim is to stop the deterioration of the localities that are dotted with abandoned repo houses inviting crime, disease and fire.

Other cities are waiting for the release of federal funds but Lancaster is putting in city funds without waiting for the future. There is a sense of urgency to tackle the problem here and now. In Lancaster side by side with the refurbishing of foreclosed units will be taken up the work of improving the general infrastructure – especially maintenance of roads. No effort will be spared. The ultimate aim is to spruce up the health of the entire locality. Lancaster city has to be made into a place where people will want to reside happily and productively.

During the first two quarters of the current year, 2008, there were 3,518 foreclosures in big cities of Antelope Valley – Lancaster and Palmdale. This is in contrast with 2,383 foreclosures in 2007 according to figures provided by Greater Antelope Valley Economic Alliance. From January to June over 6,000 default notices were give to house owners in these two cities. In the whole of 2007 there were 6,372 such notices.

The Lancaster Redevelopment Agency plans to spend over $4.1 million to redo 41 houses. The programme kicked off in May with the city taking over the ownership of the first six units.

Lancaster has already done what a federal bill is trying to do. Bush has inked it in July. $4 billion will be sanctioned for community development to local governments. The target of repair will be foreclosed houses.

As yet Los Angeles County has not chalked out similar plans for renovating foreclosed units but a lot of lobbying is going on to snatch the lion’s share of the federal grants.