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A blog about the economy and the Sacramento-area real estate market.

December 3, 2009
At the end of the repo road a house gets new life

Here's to long-time renters Ken and Diana Tate and their newborn son, among the first families to buy a Sacramento foreclosure renovated with federal stimulus funds.The couple paid $117,000 for a house near Fruitridge Road and Highway 99, and moved in two weeks ago.

The Housing Group Fund, small-scale local builders, remodeled the house, and SMUD turned it into a energy efficient model demonstration project.It's a tiny piece of the $3.9 billion federal Neighborhood Stabilization Plan that sent $32 million to Sacramento County earlier this year.

The Sacramento Housing and Redevelopment Agency contributed $86,000 from the allocation to bring back a house nearly destroyed on its way to foreclosure. Said Diana Tate at a ribbon cutting marking the accomplishment Thursday: "It's been a long time coming."

In another moving scene, husband Ken said they'd looked at houses for a year.  "We finally finished the race," he said.

Here's a look at the ribbon cutting held in their front yard:


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