CLARKSDALE, Miss., March 20, 2007 (PRIME NEWSWIRE) -- Superior Development Group, Inc., (Pink Sheets:SDVG) Superior Development or Company, a residential real estate development company announced today that it is launching a Lease Purchase program designed and aimed to help replace an unforgiving struggling subprime lending market and also help stimulate a sagging housing market.
Derrick D. Neal, President and CEO of Superior Development commented that "The Lease Purchase program will become a very popular way to sell or buy a house because of the meltdown in the subprime mortgage lending market, which is causing the housing market to struggle as well". The Lease Purchase program allows consumers to lease and occupy the home while having a contract to purchase the property for a set amount at a predetermined time in the future.
Mr. Neal also said that, "The benefits of the Lease Purchase program for consumers are tremendous," and some these benefits include:
* Minimum cash may be required up front. Sometimes buyers with
credit problems will benefit from this purchase method, this
method affords consumers time to repair less-than-stellar credit
before purchasing the home.
* Home buying power is increased, by giving consumers the ability
to purchase using this alternative method.
* Consumers have faster equity growth than renting and than with
conventional financing. Some of the rental or option money is
working towards the purchase. A lower down payment at closing
since consumers will have option money or rental credits to
apply. By the time a consumer purchase, prices may have
appreciated beyond the locked-in price, giving consumers
additional equity when they eventually buy or sell.
* With a lease purchase, consumers may skip paying closing costs,
traditional down payment and other fees normally found in a
purchase using conventional mortgages.
* With a lease purchase, our consumers will have no taxes or
property insurance to pay which allows them to buy a larger home.
Mr. Neal also commented that, "The Lease Purchase program is right in line with our affordable housing plans and the Company should see significant results once the program is fully implemented."
Additional information about Superior Development Group, Inc. is available online at http://www.superiordevelopmentgroup.com
Safe Harbor
This press release contains or may contain forward-looking statements such as statements regarding the Company's growth and profitability, growth strategy, liquidity and access to public markets, and trends in the industry in which the Company operates. The forward- looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company's public filings. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive effect.