Sixteen New Modular Homes Stand Empty

The Palm Beach Post says the city of West Palm Beach, Florida, spent $3 million in federal stimulus funds to buy 60 lots and build 19 modular  homes in an attempt to revitalize the Coleman Park neighborhood, spending between $105,000 and $230,000 on each home.  The plan was to use the proceeds from selling the homes to fill the remaining lots, but only three homes have sold so far.  Skip McDonough, owner of Family Mortgage in Jupiter, FL said the median price of a house has dropped 25 percent in two years, and 50 percent of homes on the market are foreclosures.  Combined with the nearby high crime neighborhood, and comparable appraisals of foreclosed houses that have sold, the new modular homes appraise only for $30,000 to $40,000, making it difficult to obtain financing.  He said the city should have used the money to rehab the foreclosed homes instead.

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