Distressed Properties Sale Articles

The Lakeshore city of Michigan has bought foreclosed homes HUD from the U.S. Department of Housing and Urban Development (HUD). Under the HUD’s Good Neighbor Program, municipalities are given an opportunity to acquire a foreclosure house for $1 in addition to closing costs.

Livonia Mayor Jack Kirksey told members of the city’s council that the program to purchase foreclosure properties and renovate them is designed to preserve home values in the area. He also defended why the city will use the federal funds from the Neighborhood Stabilization Program.

The impact of foreclosure is evident in the growing tax foreclosure property listings in Michigan in February of the current year.