Habitat for Humanity takes advantage of foreclosures

AP:

The foreclosure crisis that has forced thousands of families from their homes has given something good to the nation's best-known housing charity: Cheap properties for sale in communities around the country.

Some Habitat for Humanity chapters have seized buying opportunities in neighborhoods affected by the mortgage meltdown, snapping up scores of empty lots and unoccupied homes — some for as little as half price.

"The down real estate market is a wonderful opportunity for all Habitats," said Gage Yager, executive director of Trinity Habitat for Humanity in Fort Worth, Texas. "As prices drop, we have the opportunity to acquire at prices that just weren't available a few years ago."

In the Minneapolis area and elsewhere, the charity that offers affordable housing to low-income families is buying foreclosed homes and using volunteers to renovate them. If that's not practical, the houses are torn down to make way for new dwellings. In some cities, Habitat is even buying parts of subdivisions that developers couldn't afford to finish.

Habitat officials don't see themselves as capitalizing on the misfortune of others. They say putting families into affordable Habitat homes is much better than allowing properties to remain vacant or letting slumlords grab them.

"We're stepping up to the plate to provide some viable solutions to the housing crisis," said Sharon Rolenc, a spokeswoman for Twin Cities Habitat for Humanity. She said vacant homes can drive up crime and reduce the value of neighboring property.

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There is much more. I think this is a wise use of resources and a win win deal for everyone but the lender. Even he is better off than he was carrying his inventory of "real estate owned."

Habitat also has "ReStores" in several cities. The one is Austin is terrific. People donate used materials and appliances that are resold for bargain prices. My best buy was a trash compacter, that I got for $5. I used it about eight years before finally quit. I also picked up a bidet with gold fixtures for about $10. Light fixtures were also a bargain. If you are doing some building and have one in your area they are definitely worth checking.