San Diego Getting a Piece of the Housing Recovery Pie
The Housing and Economic Recovery Act, which became law last summer, will allocate about $17M to San Diego County. This money will be distributed to first-time homebuyers who are willing to purchase foreclosed homes. Some of the funds will also go to renters as a subsidy to help struggling families who rent. The funds will likely only help a few hundred families, but these efforts will help stabilize San Diego’s housing market because distressed properties will come off the market, reducing inventories (a necessary step preceeding a full recovery), and it will encourage responsible homeownership and pride of ownership, all while helping to revitalize neighborhoods that are becoming run-down. Investors are not eligible for these funds. Check out the full article from the San Diego Union Tribune from this past week. http://www3.signonsandiego.com/stories/2009/feb/06/1b6foreclose21481-aid-will-turn-renters-owners/?zIndex=48783 Check out the rest of this week’s real estate news here: http://www.car.org/media/pdf/Beyondtheheadlines_021209.pdf As always, contact me with any questions. Happy reading! Kevin P. Cummins Realtor / Broker / Attorney Coldwell Banker – Carmel Valley Cell: 858-750-9577 kcummins@coldwellbanker.com Search the MLS on my new website at kevincumminshomes.com.
