Local Real Estate Markets May Get Involved in Housing, Literally Buying and Selling Homes

An article in CNN this morning was very intriguing and will likely spark some political skirmish. As mentioned in the article:

"Under the House plan, the Department of Housing and Urban Development would dole out the loans and grants based on the number of foreclosures and home prices in an area. Cities could use the money to buy foreclosed homes, renovate the homes to make them compliant with housing codes, and resell or rent them."

The goal is to help keep neighborhoods and the city as a whole in good shape since there are so many vacant homes on the market. They tend to be run down.

In Las Vegas we're seeing a significant number of homes that are vacant. There has been issues with dilapitated homes and associated values. Some Las Vegas real estate agents are wrapped up in these properties and are able to get good deals on them. However, if buyers aren't available it takes some technique to sell these properties. We'll keep an eye out to see if the bill passes.