Program to Counter Countrywide Foreclosure Listings Launched

As huge number of properties fall under countrywide foreclosure listings, more and more people lose their homes in the U.S. The problem of foreclosure, along with unemployment, also caused homebuyers to hesitate in purchasing houses for fear of losing property value or losing their jobs. In Indiana, an affordable housing program has been launched to give residents an opportunity to find a place to live at reasonable cost.

With Indianapolis REO homes and foreclosed properties in different areas of the state dominating the market, values of residences are expected to continue to decline, which will make residents even more wary of putting their money on a residential property. For those who are looking for a place to live, but are either worried about the status of the market or simply do not have the means to purchase, the single family housing project of the Community Action of Northeast Indiana (CANI) and Keller Development Inc. might just be the answer.

According to the people behind the $5.7 million program, the effort will help those hit hardest by the problem of countrywide foreclosure listings. Under the project, people can acquire a home through a rent-to-own initiative. The construction of the single family dwellings will reportedly start in April, with tenants expected to be able to move in by the first month of 2012.

Officials have explained that potential residents at the housing units will be allowed to rent for 15 years. Within that period, tenants will be offered an option to buy their home from CANI. For some, this is even better than purchasing Indianapolis REO or foreclosed houses since the dwellings will be available at almost half their true market values, provided that buyers or tenants attend courses about homeownership. The dwellings will be priced between $120,000 and $150,000, authorities have revealed.

The program, some housing market observers stated, is a great way to help those who have been displaced from their homes due to the continuous growth of countrywide foreclosure listings in the U.S. The effort will be financed by investors who will receive tax breaks in return. The Indiana Housing and Community Development Authority also contributed to the program.

Original post: http://www.foreclosuredatabank.com/foreclosures-blog/article/2523/program-countrywide-foreclosure-listings on ForeclosureDataBank.com, your source of VA foreclosures.

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