To stabilize declining home values in certain neighborhoods the Federal Housing Administration (FHA) today announced a year-long measure that will allow lenders to sell foreclosed homes faster.

Typically, lenders and banks must wait at least 90 days to market and sell repossessed FHA homes. It was a rule designed to discourage “flipping” homes, which can strip them of equity and artificially inflate prices.

However, with more and more homes heading into foreclosure the government agency is giving financial institutions a 12-month long green light to sell them as soon as possible.

Here’s a snip from Brian D. Montgomery, Assistant Secretary of Housing-Federal Housing Commissioner:

“A glut of foreclosed and abandoned homes harms neighborhoods, frustrates homebuyers and delays a community’s recovery. The action we take today will allow homebuyers to purchase these homes in much greater numbers and ease the excess supply of unsold homes in neighborhoods across the country.”

Clearly, when a homeowner defaults on his or her mortgage he or she is no longer responsible for regular maintenance such as grass cutting or pool care. And when lenders don’t — or can’t — stay up to speed with this routine maintenance properties can deteriorate quickly.

In fact, it can also lead to crime and vandalism, which will perhaps have a more negative impact on property values than a green pool.

It’s better to be safe than sorry. To check out the complete press release head over to HUD.gov.