City of Orlando voted to spend $6.7 million in Federal Neighborhood Stabilization money. This will go to purchase about 30 homes in selected neighborhoods in the city of Orlando. I have to agree with the plan to focus the purchases in specific areas to derive the greatest benefit. Had the money been spread around more the impact of the program would have been diluted. Hopefully, this plan will allow the targeted neighborhoods to see real results and have a favorable impact on the homes surrounding the purchased properties.
In the end, while I am generally not in favor of such invasive governmental actions, I believe this will have a positive impact on our local real estate market. A similar program on a larger scale is underway in Orange county. This should be the more effective way to combat the escalating foreclosure situation in our area. Although, I beleive we may already be seeing a small improvement in distressed properties through market activity. While the number of distressed properties continues to grow, the prices are attracting investors and first time home buyers alike. The buyer activity appears to be slowing the growth in the number of distressed properties on the market.
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