Montgomery County mulls buying area’s foreclosed homes

Published April 2, 2008 4:00am ET



Montgomery housing officials said Tuesday they are considering purchasing some of the county’s thousands of foreclosed homes, using them to increase the county’s dwindling stock of affordable housing and counter the harm done to local housing markets.

Richard Nelson, Montgomery’s director of Housing and Community Affairs, warned Country Council members Tuesday that the effects of foreclosure go far beyond one family losing its home and can be detrimental to residents of an entire neighborhood. He told The Examiner afterwards that the county was “looking into” purchasing some of the foreclosed homes as one of several options to combat the problem.

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