New York Foreclosed Homes Get A Boost From Stimulus Package
New York foreclosed homes may get a boost from the economic stimulus package introduced by President Obama in 2009
. As part of the package, New York City is slated to receive $5 billion to improve infrastructure, create new jobs, and revive the local economy. A reported $1 million of that will help repair buildings in areas with high numbers of foreclosed homes. Some experts predict that the money may go to help people facing foreclosure or buyers with foreclosure homes that may need repairs.The stimulus money may also help increase the value of foreclosed properties in New York City, experts predict. If the money is used, as earmarked, to create jobs and improve living conditions through 2011, buyers purchasing cut-rate foreclosure properties in 2009 may enjoy low cost properties only to find that their property values increase as infrastructure, the local economy, and neighborhoods improve thanks to the stimulus money. In fact, many New York investors are taking another look at foreclosure listings in 2009.
With foreclosure plentiful in New York and the stimulus package promising neighborhood improvements and perhaps help with foreclosure rehabs, investors are seeing now as a great time to buy. Many financial experts predict that the economy will begin to recover as early as late 2009, so investors buying New York foreclosed homes right now may not have to wait long to start to see property values rise, especially with the $5 billion boost to the local economy. Many experts are predicting that by August 2009, housing prices had already started to show signs of improvement as housing price drops across the country became less pronounced. As the New York city economy improves, the number of foreclosures will decrease and prices will increase, so many investors and buyers are getting in on the ground floor while housing prices are at record lows.
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