First-Time Homebuyers Are Eager For Info on Foreclosures
More than 120 potential homebuyers picked up insider tips about how to buy a foreclosure as their first home at a FREE workshop hosted by Community HousingWorks and New Vista Asset Management at the Price Charities building in San Diego on July 31.
Jim Park, New Vista Asset Management's CEO, offered the group some insights about the affordable housing opportunities now available to qualified buyers due to the foreclosure crisis. San Diego County currently has about 8,500 properties in foreclosure and has been negatively impacted by the declining home prices.
"Neighborhoods are being devastated by foreclosures as empty homes are vandalized and left uncared for," said Park. "The best way to stabilize communities and reinvigorate the housing economy is to get people into homes and help them stay there over the long term."
Many of the attendees had completed homebuyer counseling workshops offered by Community HousingWorks and were there to hear about other potential grants and financing options that could help them achieve homeownership. Park and his team offered them helpful insights about the benefits of buying a foreclosed home and gave them suggestions about how to connect with the right agent that is familiar with these types of transactions.
Falling home values have fueled interest among new buyers that were previously shut out of the market. Local downpayment assistance programs and new federal tax credits now put homeownership within reach of low-to-moderate income buyers even in higher cost areas like San Diego.
This education and consumer outreach effort is part of New Vista's goal of driving more homebuyers to purchase REOs rather than investors.
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