In an effort to speed up the Neighborhood Stabilization Program- which helps low to median income families purchase and rehabilitate forclosed homes- the US Department of Housing and Urban Development is widening it's definitions for foreclosed and abandoned homes. Starting last month, homes that have been in default for 60 days or are 90 days behind on taxes are considered foreclosed. Also, homes that also are considered to not be habitable are now called abandoned. By making the definitions more flexible than they previously were, the NSP will be able to turn homes around more quickly and get buyers and families into them. There is nothing worse for a house, a neighborhood, or the real estate market than bank owned homes sitting vacant for months, or even years, so this change should help some of those properties become great homes for people.
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