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Foreclosed Homes for Sale, Buying and Rebuilding in Nebraska

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By : John Cutts    99 or more times read
The city of Omaha in Nebraska is set to receive about $4.16 million to fund the purchase of foreclosed homes for sale. The program involves buying foreclosure properties that have become eyesores in the city, demolishing and rebuilding them.

The grant money to buy and demolish abandoned, vacant foreclosed houses will come from the Department of Economic Development in Nebraska. Furthermore, the grant will be used to fund the rehabilitation and purchase of other properties in the city, according to Ron Gerard, communications director of Mayor Jim Suttle.

He said that the funds are intended for a project designed to create renovated and new houses for low-income families.

According to industry analysts, the city of Omaha has been burdened with a great number of foreclosure and condemned properties for several years now. Based on the waiting list of the Planning Department, the city has currently 688 foreclosed homes. However, Omaha has money enough only to demolish few distressed properties every year.

Analysts said that deteriorating foreclosure properties are not good for the neighborhoods and for their residents. They said that the main focus of the initiative will be on rehabilitating houses in south and north Omaha. The initial stage of the initiative involves rebuilding seven houses which will then be sold to families with low income.

Additionally, the city plans to purchase foreclosure homes and refurbished them for sale or rent to low-income families. Analysts said that the initiative will be good for the city and its residents, particularly those living in neighborhoods hardest hit by the foreclosure crisis.

The city plans to partner with a nonprofit organization and a local developer to ensure that the projects are constructed as planned and the properties will go to their intended beneficiaries.

The city of Omaha has been facing excessive volumes of foreclosure properties. Industry analysts fear that the current trend in the city is a reflection of what has been going in the rest of the country.

Foreclosure rates continue to spread across the country last month, with rates rising in cities that previously had been spared from the crisis. Industry analysts pointed out that the unemployment problem needs to be resolved first before the country could see some easing on the foreclosure crisis.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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