From the wire:
The Brockton Housing Partnership launched a program Wednesday that will provide discounted services and 100-percent financing with no down payment to home buyers who purchase bank-owned properties in Brockton.
The program, called “Buy Brockton,” is the first home buying initiative of its kind in Massachusetts, according to a release from the organization.
The program is a a joint effort between Brockton Mayor James E. Harrington and the city of Brockton, MassHousing, and a group of Brockton-area community banks, credit unions and businesses, to promote and preserve homeownership in the city of Brockton, the release said.
Or, is it just “ironic”? I assume hundreds of these foreclosures were due to buyers taking out 100% loans.
And, just my guess, property values in Brockton (certainly, no Wellesley) are probably still declining?
Hard Rain, help me out here.
Oh, and, in future news, dateline January 2009, “New rash of foreclosures hits Brockton”.
Source: City of Brockton works with state, local banks on new home-buy program – Boston Business Journal