Sorry that I haven't posted for a few days -- I've been wrapped up in our national political circus. Anyway, the L.A. Times reports here that the city of Lancaster is going to buy foreclosed homes, fix them up, and sell them to low income people. As we all know, Lancaster has pretty much been ground zero for L.A. County foreclosures. In the main, I think this is a very good thing. Philosophically, I think this is how a small municipality should be handling this problem.
Of course, the devil is in the details. The program has $4.1 million in funds and hopes to fix/resell up to 41 homes. So, that's about $100k per home, which includes the purchase price. If the purchase price is $80k to $100k, that's, uh, not a lot left over for more than a cosmetic fix. But this program is a step in the right direction. And many people will be happy that the money is coming strictly from the City, not from the state, county or federal government. Let's stay tuned and see how it goes.
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