Preserve Our Neighborhoods Act of 2008 - Cites conditions under which a local government may purchase from the Secretary of the Treasury at the price of $1 per mortgage a group of at least 25 available mortgages, each of which is secured by real property.
Requires the Secretary to make available to the public, at 90-day intervals, a list of all parcels of real estate, identified by specific address, that are available for purchase.
Authorizes the Secretary to sell such mortgages.
Applies the National Historic Preservation Act with respect to the rights in property acquired by local governments as a result of the foreclosure of mortgages purchased under this Act.