OC City May Snatch Up Foreclosed Properties

Huntington Beach is one of a few cities that is weighing the option to purchase its own foreclosed properties, and eventually making them affordable housing.

"'From what I've heard I think it's a positive thing if we can get a house back in circulation,' said Huntington Beach Mayor Keith Bohr. 'They're just there vacant open to vandalism and not maintained. That's not good for anybody.'

Some local real-estate experts think the program is worth considering. However, they question the execution of such a program, wondering whether taxpayers would truly benefit in the long run.

'I think it's a great idea,' said Dennis C. Smith, mortgage broker and co-owner of Stratis Financial in Huntington Beach. 'My concern is they're putting people into homes that can afford to buy them '

He suggested city officials follow Habitat for Humanity's model.

'They get low interest rate loans, the families have to spend so many hours working on the homes (or) if there's some way the city can extract some pound of flesh back to the community,' Smith said.

Full Story: Surf City may buy & sell foreclosed homes


Prepare for the AICP* Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $245

Essential Readings in Urban Planning

Planning on taking the AICP* Exam? Register for Planetizen's AICP * Exam Preparation Course to save $25.
Grids and Guide Red book cover

Grids & Guides

A notebook for visual thinkers. Available in red and black.
Melissa and Doug Town Blocks Wooden Play Set

Block play meets role play

New! Town block set from Melissa and Doug Toys