Government Foreclosures Being Sold By The Thousands

Government held properties are being released in waves in attempt to restore local housing markets.
By: Klyde von Brauer
 
March 5, 2012 - PRLog -- Just recently Fannie Mae and Freddie Mac put about 2,500 of their properties up for sale. This comes at a time when bank-owned inventories are frozen. This action was part of the Federal government’s REO (Bank Owned) to Rent program that was announced earlier last month.

“This is another important milestone in our initiative designed to reduce taxpayer losses, stabilize neighborhoods and home values, shift to more private management of properties, and reduce the supply of REO properties in the marketplace,” said FHFA (Federal Housing Finance Agency) acting director Edward DeMarco.

The plan does seem to have some logic behind it. A lot of distressed markets such as Las Vegas, Phoenix, Atlanta, parts of Florida and California will be freed up of vacant properties if all goes according to plan. And there are no shortage of eager buyers. The National Association of Realtors announced that real estate investors make up a quarter of the buyers market at present.

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