Did you know that the Federal Reserve estimates more than $100 billion worth of foreclosed properties will be converted into rental housing this year? Hoping by taking pressure off rising rents, creating more housing for low- and moderate income families, and possibly pushing up prices on unencumbered homes for sale. The fed said lenders could receive Community Reinvestment Act credit for providing housing to low-income and moderate-income families by converting foreclosures to rental. Typically, foreclosures must remain rental properties for a specific number of years, usually five, before they can be put back on the housing market.
What are your thoughts on this? Do you think making them rental properties will help or hurt our economy?
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