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Foreclosure Woes Addressed by Flipping Aurora Pre Foreclosure Homes

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By : John Cutts    99 or more times read
Local community development authorities are finding ways to make pre foreclosure homes in Aurora and other distressed properties in the area pay some dividends for the whole neighborhood.

Armed with the federal grant provided by the U.S. government, the community has established a method to battle the impact of foreclosures in Aurora. The $4.5 million aid money from the federal government is being used to purchase foreclosed properties under the Neighborhood Stabilization Program.

According to local community development officials, the Program is focusing on purchasing the least-valued foreclosures in Aurora and converting them into some of the highest valued properties in the city.

These residential structures are renovated and fixed and then sold for a higher price than what they would have fetched before the renovation. So far, the city has bought 26 foreclosure single family homes.

The money earned from the sale is then reinvested into the Program and used to buy more distressed properties. Itís been estimated that foreclosures in Aurora reach the range of three thousand to six thousand properties annually.

The strategy of house flipping Aurora pre foreclosure homes and distressed properties is meant to increase the economic profile and value of the neighborhood, according to city development authorities. This, in turn, will help prevent crime and poverty in the area.

Aside from creating a stabilized neighborhood and improving the local economy, the house flipping project also creates jobs among the locals. On average, around 33 jobs are made available for every purchase of a foreclosure single family house under the program.

The community is focusing on working families as buyers for the renovated homes to make sure that the neighborhood remains a respectable and peaceful one. The houses are sold for rates that ordinary working families can afford.

The Neighborhood Stabilization Program is not unique to Aurora, other cities and communities in the United States are also implementing the strategy; but the Colorado city is probably one of the places where the program has proven most effective.

Majority of local homeowners and residents have expressed support towards the house flipping program involving Aurora pre foreclosure homes and other foreclosed properties in the city. According to them, it is instilling confidence in homeowners and raising the value of properties in the neighborhood.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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