By now it's no secret that there is currently an overabundance of bank owned properties (REO's) flooding the real estate market. This large inventory of REO's is estimated to be as many as one third of every home for sale in certain areas causing futher downward pressure on prices in an already difficult market. In Indiana the challenge is not only in stimulating buyer interest in these homes but actually being able to fund them. It takes such a long time to foreclose on a house in Indiana that many houses sit vacant without power for a year or longer. The repairs on these properties can be signifigant- especially if there has been water related damage.
To help us in our efforts to battle this trend the federal government has given Indiana 33.7 million for an eighteen month period. The money will go into the Market Stabilization Program (MSP) and any funds not used at the end of the eighteen months will go back to the feds.
If you have been thinking about taking advantage of this historic market then this may be the program for you. Here are some of highlights:
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