Friday, October 26, 2007

Hey, We're Neighborhood of the Week!

According to the ProJo, at least, Neighborhood of the Week: A diverse area, primed for renewal, reinvestment. There's some not-good news here too, though:

Elmwood has been hit by a high number of foreclosures in recent months, according to real-estate agents who work in the neighborhood. “Right now we need a miracle,” said Jose Batista, broker-owner of the Remax Reality agency at 1445 Broad St., in nearby Washington Park.

“There’s been more investment, more disposable income in the neighborhood” in recent years, Grant said. “With the current mortgage crisis, we’re not sure where that’s going to lead us. … I do know that Rhode Island Housing is working to help people stay in their property and get them out of bad mortgages,” she said.

“There’s a lot of foreclosures; it’s not the way we want it to be,” Batista said. He said that even though foreclosures are driving down prices, tightened credit and higher local property taxes are barriers for many potential buyers.

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