Arlington Texas Gets A Respite From Foreclosures - by Tom Brewer

Arlington Texas Gets A Respite From Foreclosures

There is great news for families looking to buy foreclosed homes in Arlington, Texas. A report yesterday by Carol Cavazos of CBS11 News, covered details of the $880 thousand dollars the City of Arlington has received from the U.S. Department of Housing and Urban Development for the purpose of getting families into foreclosed homes.

The new program, called the Neighborhood Stabilization Program, was implemented due to the large number of foreclosed homes in Arlington, Texas from 2008 to 2009. The city is confident that families will take part in the new program and that the high number of foreclosures will decrease sharply as a result.

This program will be open to a wider variety of homebuyers since the income qualifications will allow families that bring in $70k annually to apply for the program. Families that are approved for the program will be able to spend the money on the home as well as needed improvements. This is especially helpful for homes that have been vacant for a while.

Homeowners in neighborhoods with a number of foreclosed Arlington real estate properties will be happy to have neighbors again. They will also benefit from the stabilization their own home values will have since their value decreases in areas with high numbers of foreclosures.

This new program provides a great opportunity to help strengthen the local real estate market and to put families into these beautiful, empty homes. So far only one family has applied for the program but city officials anticipate that many families will be approved for the program.