San Bernardino County votes on contract to acquire foreclosed homes
The Board of Supervisors rolled out another program today aimed at stemming the foreclosure crisis in San Bernardino County.
"Most likely, we're probably looking at another wave of foreclosures that are going to happen in the next few years as people recognize they are upside down in their equity," said Supervisor Paul Biane.
Earlier in November, the board adopted a plan to use millions of dollars in federal money to help homebuyers purchase foreclosed homes and enable government agencies to acquire and either resell or rent foreclosed houses in the county.
"Most likely, we're probably looking at another wave of foreclosures that are going to happen in the next few years as people recognize they are upside down in their equity," said Supervisor Paul Biane.
Earlier in November, the board adopted a plan to use millions of dollars in federal money to help homebuyers purchase foreclosed homes and enable government agencies to acquire and either resell or rent foreclosed houses in the county.
Today, the board unanimously voted to enter into a contract with the
Inland Empire Economic Recovery Corp., a nonprofit group that will
acquire 31 foreclosed residential properties and sell them to qualified
buyers.
The board also appointed Biane and Supervisor Brad Mitzelfelt to serve on the corporation's board of directors.
The issue needed to be dealt with promptly because the FDIC plans to start selling off bank assets this week in the county, said Mat Brown, chief of staff for Biane.
More than 42,000 houses in the county are bank-owned, scheduled for auction or have been subjected to notices of default, according to Biane's office. In the past 11 months, property values in the county have plummeted nearly 42 percent.
lauren.mcsherry@inlandnewspapers.com
The board also appointed Biane and Supervisor Brad Mitzelfelt to serve on the corporation's board of directors.
The issue needed to be dealt with promptly because the FDIC plans to start selling off bank assets this week in the county, said Mat Brown, chief of staff for Biane.
More than 42,000 houses in the county are bank-owned, scheduled for auction or have been subjected to notices of default, according to Biane's office. In the past 11 months, property values in the county have plummeted nearly 42 percent.
lauren.mcsherry@inlandnewspapers.com
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