Superior Development Group Inc., a residential real estate development company based in Clarksdale, Miss., has announced the introduction of a lease-purchase program that allows consumers to lease and occupy a home under a contract to purchase it.The contract specifies the purchase price and a predetermined purchase date, the company said. "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," said Derrick D. Neal, president and chief executive officer of Superior Development. Minimum cash may be required up front, but a benefit of the program is that the program "affords consumers time to repair less-than-stellar credit" before buying a home, the company said. Another benefit is that consumers may skip paying closing costs, a traditional downpayment, and other fees normally associated with a conventional home purchase, Superior said. The company can be found online at http://www.superiordevelopmentgroup.com.

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