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Continued from Page A-1would not take steps to paint a peeling house, for instance, because that would slow the selling process, Shaw said.He also said he didn’t know of anyevidence of several HUD homes being sold over and over again, each time at a lower price.The agency sells most of its foreclosed homes through conventional mortgages without FHA insurance, he saidHUD owns about 20 homes in University Park. Another six HUD homes recently were sold to New Cities Community Development Corp., a nonprofit home rehabbing and counseling group affiliated with the South Suburban Action Conference of churches, and a seventh is in the process of being bought by New Cities.Alvin Kellogg, New Cities program director, said he suspected home values are depressed because vacant HUD-owned houses have been “allowed to sit so long.”Putting people back in the houses brings up a neighborhood’s value, he said.
Newspaper Details
Park Forest Star
Park Forest, Illinois, US
Sun, Jun 09, 1991
Page 62
Full Page
Clipped by
Patrick P.
NY, USA 04 Sep 2020
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