From time to time I have posted about the condition of the local housing market. As many know, for sometime foreclosures have been an issue in Dennis and elsewhere on Cape Cod. Foreclosures disrupt peoples lives, and the longer they remain vacant, impact surrounding properties.
Federal Reserve Chairman Ben Bernanke has made a suggestion to allow/encourage banks to rent these properties rather than leave them vacant, Bernanke calls for nationwide REO rental program.
Such program could have benefits for Dennis. According to Foreclosures.com and Foreclosuresmass.com Dennis has 31 residential properties currently being marketed that have been or are in the process of foreclosure. These are scattered through-out town, and generally are now vacant properties. Long term vacant properties pull down neighborhoods as lawns are left unkempt and buildings begin to deteriorate.
The Bernanke solution is to allow/encourage banks to rent these properties out. Bernanke sees this as a boost to the economy, it is quite likely such a process could also be a major boost to the neighborhood where the house is located. Stay tuned.
Now, if they could just figure out how to keep the original homeowner in the house as the bank’s tenant, we could really be onto something….