Wednesday, October 08, 2008

Orange County to Buy Foreclosure

Next year Orange County will buy 200 foreclosed homes, renovate them, and resell them to moderate to low income buyers. With $28 million federal housing grant, they anticipate to buy and renovate a 1000 homes by 2013, in an effort to stablize neighborhoods. The neighborhoods target first is Pine Hills and Taft-Meadows area. Orange County is second in the State for number of foreclosure trailing behind Miami-Dade County. However, critics say this money is going back into the lending instituations that put buyers in these homes in the first place.Click here for more details.