SEMINOLE COUNTY, Fla. - Seminole County leaders are hoping a new plan will help neighborhoods hit hard by the foreclosure crisis.
The county is buying 40 foreclosed homes, fixing up, and reselling to stabilize property values in three target neighborhoods: Alafia Woods in Oviedo, Sterling Meadows near Sanford, and Deer Run in Casselberry.
"Prices just went
But Economou worries about who will move in. The county is using $4 million in
Still county officials said families will have to qualify for their own loans.
Anyone who moves into the homes will stay put. Families will have to claim the home as their homestead property on their taxes for the next 20 years. That way, they won't be able to rent it out. If they sell the home, they would have to pay back every penny the county used to buy and rehab the home.
That new program comes as new information shows the number of foreclosures is falling in
According to the Orlando Business
That was down 1.5 percent from last year. Statewide about 11 percent of all homes for sale are foreclosures. Nationwide, the rate is around
Those numbers, however, could be misleading. In Orange County alone a
Those homes are not on the market because banks are holding onto foreclosed properties to keep prices from falling.