Jose Segarra is a real estate broker with Exit Homevets Realty in Killeen. He sells about 30 to 35 foreclosed homes a month in the greater Killeen area.
"About 140 of the 1700 homes on the market are foreclosed homes," he said.
That's an eight percent foreclosure rate. The Fort Hood Area Habitat for Humanity works with the state to buy them.
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Foreclosed homes
News 8's Bonnie Gonzalez has more on Habitat for Humanity’s plan to buy foreclosed homes for low-income families.
 
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"Purchase those properties, repair them as necessary, and then sell them to low income families who make fifty percent of the area median income or less," said executive director, Gene Bauer.
If the organization and state can enter an agreement, the program would use $1.75 million in stimulus funds to buy the homes and fix them up.
"We will identify the family that qualifies and then take them to the state and the state will sell them that home," Bauer said.
Basically, Habitat for Humanity will act as an agent. The state will hold the mortgage and qualified families would have zero interest payments for 30 years.
"In this program, we'll be hiring contractors to do the repairs as necessary on these foreclosed properties. So, it's a stimulus to the housing market it's a stimulus to local contract workers," Bauer said.
It would provide an economic boost and a better quality of life for those who otherwise couldn't afford a home.
"This program would offset that. It could buy houses like this and get them up to good conditions or great conditions and then sell them to those lower income families so I think that'll be a benefit," Segarra said.
If the parties sign the deal, qualified families in Bell
and Coryell Counties would be eligible to apply.
