Fountain Valley could be the first in the county to begin a program to buy bank-owned homes and sell them as affordable housing. The Fountain Valley Community Development Agency recently gave unanimous approval for a policy that would allow the city to negotiate with lenders to purchase lender-owned homes and sell them as affordable housing.
In July, President Bush signed legislation to allow local cities to start similar programs funded by a portion of $4 billion in federal funds. The move by the city is geared toward reducing the number of vacant properties caused by the recent spate of foreclosures and to provide housing for low-income households.
In its second quarter, Fountain Valley has 32 foreclosures with the median price for a bank-owned home at $567,500, according to a Dataquick report. The median price range for a home in Fountain Valley this June was $620,000. But Fountain Valley isn't the only city with numerous foreclosures, Santa Ana had 171 foreclosures during the same period.
Your thoughts and feedback on this topic are greatly appreciated. Please feel free to post your comments.
Keeping you informed about the Orange County real estate market, economy and life in the OC is what I'm committed to doing.
For more great Orange County market insight and industry news visit Laguna Niguel Real Estate or view the Orange County Market Trends at Orange County Real Estate.
Listen to Zen's Laguna Niguel Real Estate Podcast available 24/7.
SEARCH ORANGE COUNTY'S BEST HOMES at Orange County MLS Home Search
Comments(1)