Two Companies to Convert Foreclosures Into Rentals

By
Real Estate Sales Representative with Wizards of Waz Real Estate

This article from DSNwes.com mentions that Carrington Holding Company LLC will fund the purchase of up to $450M of distressed single family homes across the country. Carrington currently manages over 3,000 single-family rental homes under Fannie Mae’s Tenant-in-Place and Deed-for-Lease programs. The Federal Housing Finance Agency (FHFA) has said it is pursuing potential ideas for REO-to-rental pilot programs “with a sense of urgency,” but two California firms don’t plan to wait on the government’s involvement to get a large-scale REO rental venture off the ground.

On the surface, this seems to be a good way to lighten the backlog of foreclosed properties and shorten the length of time that it will take for the housing market to recover. However, I am concerned with the effect this might have on certain neighborhoods. If they were to buy blocks of homes in a certain subdivision, the overall effect would be a dcline in value of the homes.

I am especially concerned that FHA is looking to get involved in this. More government involvement in the housing industry spells disaster to me!

 

Read the whole article here  http://bit.ly/y76eNY

 

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