Preventing Foreclosure Blight

There are two recent developments that might help to reduce the number of vacant and vandalized homes that have been through the foreclosure process.
Fannie Mae has developed a rental policy on its own foreclosure properties. It will offer new month to month leases for qualified tenants. http://www.fanniemae.com/index.jhtml

Appealing to a smaller and exclusive segment of the market, Designer HomeTending is offering a new wrinkle on house-sitting. Pre-qualified renters with the high end home furnishings are allowed to occupy otherwise vacant properties. They have to agree to keep the house in tip-top showing condition, get out of the way when the property is being shown, take care of the utility bills to keep the lights on, and leave when the property is sold. I don't expect this to have a big impact on the real estate market, but every little bit helps. I certainly shows creativity and "win-win" thinking. http://www.designerhometending.comt

Lenders Required To Maintain Foreclosed homes

One of the collateral effects of the foreclosure crisis is the ensuing blight brought on by abandoned and neglected homes. A bill, SB 1137, was signed in to law by the Governor allowing cities and counties to enact ordinances to force the the lenders to maintain the properties. Typical requirements are maintaining landscaping, draining pools and spas (a serious health consideration due to mosquitoes), repairing broken windows, and keeping the premises secured from squatters and vandals. Properties in disrepair lower surrounding property values, further exacerbating the general decline in property values.