The real estate market is looking up in Boca as the foreclosure rates continue to drop throughout Palm Beach County. For the first six month period of the year, the amount of reported foreclosures in Boca Raton are less than half of what they were around the same time the previous year, according to findings from the Palm Beach County Clerk of Court’s office,
County Clerk Sharon Bock has stated “The first six months of 2014 were the lowest number of new foreclosure case filings since the first six months of 2006. These remarkable improvements demonstrate that the real estate market in Boca Raton is stabilizing for the better. This is good news for sellers who won’t have to compete with depressed prices in their neighborhood. However buyers would have to do a little more digging in order to find the best deal.
These positive findings come alongside an announcement about a new home ownership assistance program starting in the city of Boca Raton. The new program is entitled CDBG and is geared at helping eligible home buyers afford the purchase of a new home. The purchase areas are limited to the municipal city limits. The program was created because of funding from the City of Boca Raton’s Community Development Block Grant Program.
There are some stipulations as far as eligibility for the program which include that applicants must be either a single parent with children younger than 18 years of age that has been divorced or displaced in the last 12 months or someone who hasn’t owned a home in the previous three years. Other qualifying applicants are those displaced due to government activity or as a result of domestic violence.
The program offers many benefits and incentives including the provision of assistance for a reduction in the first loan principal, loans for as much as half of the required lender down payment, loans at 0% and a 20 year term, as well as assistance provided with closing costs. A maximum award may also be approved for an amount not to exceed $75,000 depending on the applicants affordability.
This program should see a rise in home purchases throughout the area, stimulating the real estate market even further which should continue to progress the economy of Boca Raton.