LAKEWOOD, Colo. -- A proposed bill would speed up the sale of abandoned homes to protect neighborhoods from vandalism and declining property values.

Gov. Bill Ritter and state lawmakers introduced the bill Tuesday at a neighborhood community center in Lakewood. It is expected to be introduced in the 2010 legislative session, which begins in January.

Under the proposed legislation, foreclosed homes that are now empty could be sold in as little as two months. Current Colorado law requires a four-month waiting period, in an effort to give homeowners a second chance to revitalize and secure their property.

"The legislation we're announcing today is the next major step forward to help protect neighborhoods, keep families safe and maintain property values," the governor said.

One woman living on South Harlan Way in Denver's Grant Ranch neighborhood tells 7NEWS she fears an abandoned home on her street will impact the value of her nearby home and the quality of life in her community.

"It devalues all of the street and the surrounding area because everybody else works really hard to keep their houses in good shape," said Eileen Schurer.

Ritter said the bill will allow homes to be re-occupied more quickly, so they don’t become a safety hazard, a magnet for vandalism and other crimes and a drain on nearby property values.

“One or two bad homes on a block can certainly destroy a block,” said Rep. Jeanne Labuda, who will co-sponsor the bill. “This legislation will get homes more quickly occupied, and ensure that even those neighborhoods hit hardest by foreclosure remain vibrant, good places to raise a family and buy a home.”

If the legislation passes, Colorado won't be alone. Similar laws are already in place in Michigan and Minnesota.