According to a number of sources including DSNews, Fannie Mae has put a block of 2,490 REOs up for sale. It’s the first pilot transaction of the federal government’s Real-Estate Owned (REO) Initiative announced in August 2011, which aims to sell homes repossessed by government agencies to private investors for the purpose of turning the properties into rental units.
It is interesting to note that only 429 of these homes are vacant. The rest are already occupied by tenants which will make it very attractive to investors who would like a smooth transition. Nearly 60% of these homes are concentrated in Los Angeles and Florida.
I haven't had a chance to research all of the details of this program yet but, on the surface, it seems like a good way to reduce the backlog of foreclosures and speed up the recovery of the housing market.
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