Freddie Mac is implementing a new plan this month to offer leases to those households who loose their home to foreclosure.   They fell by doing this they will keep many empty homes off the market which further depress the housing market and pushes home prices further down.  They also feel that keeping foreclosed properties occupied and in better repair will support local property values.

By doing this they hope to promote a faster recovery in the housing market as well as maintain the value of these foreclosures.   Fredding Mac will continue to seek loan modifications in order to help retain ownership.  But those who are eligible renters will receive a month to month lease.

http://www.cnbc.com/id/28933621

Chris Lee .  RealtySouth  . www.chriswlee.com

C) 205-233-5183  e-mail) clee@realtysouth.com

 
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4 Comments on Freddie Mac to Offer Leases to Those Facing Foreclosure

FEB
01
2009
320,757 Points 5 Featured Posts Outside Blog

Roll tide Chris...My family's from around there. This will be interesting to see how this pans out in the long run.
5:43am • #1
974,132 Points 93 Featured Posts Outside Blog Called Shot Master

Even though the leases will be a month to month and at market rates, in distressed areas this will further distress real estate markets.  This is a prime example of why government should not be interfering in free markets.  How will investors or owner of rentals compete for renters?  Before it is all said and done I can envision a Section - 8 expansion and inclusion into the program.
8:56am • #2

Roll tide Laura,   Remember me if you ever have any referrals.

 

Jim - I agree 100%,   My question is in Tuscaloosa for example, the market rate of rent is more than the mortgage payment,   now if they can't afford the mortgage how are they going to afford the rent? 
11:42am • #3
FEB
05
2009
1,480,997 Points 46 Featured Posts Outside Blog Called Shot Master

This is interesting information. I hope it will work out and 2009 will be a better year for real estate.
4:27am • #4


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Chris Lee (RealtySouth)

Chris Lee

Tuscaloosa, AL

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RealtySouth

Address: 500 TownCenter Blvd, Tuscaloosa, AL, 35406

Office Phone: (205) 758-3300

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