Reblogger Wallace S. Gibson, CPM
Property Manager with Gibson Management Group, Ltd.

This will be BAD on so many levels - these properties will NEVER be REsold; neighborhoods will suffer as properties become neglected AND local and state tax rolls will not benefit from the real property taxes

Original content by C. Lloyd McKenzie 16784
Our government has lost its mind.  Derek Kravitz of Associated Press (AP) in an article entitled "Government might turn foreclosures into rentals."  This has got to be the biggest fiasco I have ever seen.  So now that they own all these properties, they have come up with the bright idea of renting them.  Don't take my word for it, here is an excerpt from the article"
"Converting the homes into rentals may reduce “credit losses and help stabilize neighborhoods and home values,” said Edward DeMarco, "acting director of the Federal Housing Finance Agency, which oversees Fannie and Freddie.
This just brings up a series of questions::
What basis will they determine the rental rates?
Doesn't this go against the rule that the government will not  compete with private businesses?
Frankly, banks and government out to be out of the real estate business. 


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Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Today I saw a commission discussing the removal of the homeowners exemption discuss the fact that homeownership may be bad.  That renting is a real positive because the person living a long way from a job as a renter just moves.  It doesn't work that way for homeowners.  They actually thought that jobs could be anywhere and the homeowner is not taking them because he is stuck.  Dumb.

Aug 29, 2011 07:08 PM #1
Pamela Seley
West Coast Realty Division - Murrieta, CA
Residential Real Estate Agent serving SW RivCo CA

I'm not ready for it, but I knew it was coming. Homeowners got their homes snatched away by the rogues on Wall Street, and now they get to rent them back from the government. How convenient.

Aug 29, 2011 08:09 PM #2
Tom Arstingstall, General Contractor, Dry Rot, Water Damage Sacramento, El Dorado County - (916) 765-5366
Dry Rot and Water Damage Mobile - 916-765-5366 - Placerville, CA
General Contractor, Dry Rot and Water Damage

I think I may puke Wallace. Can you tell me why the government even thinks that this is something that they are qualified to do? I wish they would just stay out of all the things that they are not capable of doing - MOST Things!

Aug 29, 2011 08:24 PM #3
Than Maynard
Coldwell Banker Heart of Oklahoma - Purcell, OK
Broker - Licensed to List & Sell - 405-990-8862

I agree completely. The houses will be poorly maintained and what maintenance is done will be at twice (or more) the going rate, because very few will want to deal with government bidding.

Aug 30, 2011 02:11 AM #4
Kim Boekholder Utah Real Estate
Results Real Estate 801.580.5624 - Draper, UT
Broker, Results Real Estate

Another mess in the making.  I keep hearing about this and sit back scared watching..... they need to leave it up to the experts who know what they are doing not some person behind a desk 6 states away that could really care less.  I wish common sense would kick in 

Aug 30, 2011 02:39 AM #5
Al Raymondi
Ocean View Realty Group in Ormond By The Sea Florida - Ormond Beach, FL
Ormond By The Sea Florida - Home and Condo Sales

The government owning and renting homes is a real bad idea Wallace.  The real estate market will be in the toilet forever if they go forward with this crazy idea.  The economy benefits in many ways when homes are sold since new owners need to buy things and services to fix up and furnish and decorate their new homes.

Aug 30, 2011 03:31 AM #6
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Wallace - This from the government who has torn down thousands of units of subsidized housing.  Wonderful.

Aug 30, 2011 04:59 AM #7
Mike Saunders
Lanier Partners - Athens, GA

If they would not automatically become Section 8, and due diligence were exercized in the same manner investors would, that would be one thing. But, they will just turn in to more government housing.

Aug 30, 2011 08:11 AM #8
C. Lloyd McKenzie
Albuquerque, NM
Living Albuquerque

Good Evening Wallace:

Thanks for the re-post. This is getting bad

Aug 30, 2011 04:13 PM #9
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