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HUD announces it is getting out of the home selling business.

By Richard Weisser

Real Estate Broker/Owner with Richard Weisser Realty

April 01, 2014 12:24 AM

In a surprise press release the Department of Housing and Urban Development announced that it will no longer be selling FHA insured properties.

Instead, the properties will be turned over to the states to be awarded to would-be homeowners in any way deemed appropriate by their respective legislatures.

Some of the suggested methods of disposal are lottery prizes, rewards for state employees, or as practice sites for fire department training.

Needless to say, this shakeup has caused some consternation in the real estate community but when asked about the impact on the industry a HUD spokesperson retorted:

“We’ve never cared about the real estate brokers before. Why would we change that NOW?”

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Les & Sarah Oswald

Realty One Group - Eastvale, CA

Broker, Realtor and Investor

I hope this is an April Fools joke...

But with Hud/government, one never knows.

Apr 01, 2014 12:30 AM

Than Maynard

Coldwell Banker Heart of Oklahoma - Purcell, OK

Broker - Licensed to List & Sell - 405-990-8862

LOL, wouldn't surprise me if it was true.

That last quote could be from NAR, Trulia or Zillow and several other organizations that supposedly represent or work for Realtors/real estate agents.

Apr 01, 2014 01:37 AM

Kathleen Daniels, Probate & Trust Specialist

KD Realty - 408.972.1822 - San Jose, CA

Probate Real Estate Services

Richard, It sounds about right to me ... they never cared about real estate brokers. No reason to change that on April Fool's Day.

Apr 01, 2014 03:09 AM

Tom White

Franklin Homes Realty LLC (615) 495-0752 or www.FranklinHomesRealty.com - Franklin, TN

Franklin Homes Realty LLC, Franklin TN

Richard, funny you should say that, some of those homes should be used for fire department practice.

Apr 01, 2014 03:47 AM

John McCormack, CRS

Albuquerque Homes Realty - Albuquerque, NM

Honesty, Integrity, Results, Experienced. HIRE Me!

Would not surprise me at all Richard.

Apr 01, 2014 04:32 AM

Susan Haughton

Long and Foster REALTORS (703) 470-4545 - Alexandria, VA

Susan & Mindy Team...Honesty. Integrity. Results.

My initial reaction was this was an April's Fool Day jokes...but again, it is the government, so anything is possible.

Apr 01, 2014 04:51 AM

William Feela

WHISPERING PINES REALTY - North Branch, MN

Realtor, Whispering Pines Realty 651-674-5999 No.

What a true statement that was made.

I think things may move a bit faster IF...If the states get their heads out of the sand.

Apr 01, 2014 07:13 AM

Jeff Jensen

The Federal Savings Bank/Lending in 50 states - Greenwich, CT

Wow another round of untethered insanity has been released in Washington.

Apr 01, 2014 08:12 AM

Joe Pryor

The Virtual Real Estate Team - Oklahoma City, OK

REALTOR® - Oklahoma Investment Properties

Yes it is April Fools but some of the Tea Party fools in DC want to get rid of FHA all together.

Apr 01, 2014 08:47 AM

Tammy Lankford,

Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA

Broker GA Lake Sinclair/Eatonton/Milledgeville

You know Richard, they might give them away in a lottery if they thought it would work.

Apr 01, 2014 12:04 PM

Jimmy Faulkner

Florida. Homes Realty & Mortgage - Wantagh, NY

The Best Of St. Augustine

Why are you so surprised.The Federal Government does not care about anyone but itself. The HUD has broken more laws than any private company. Get over it. You voted for a Government that hates Capitalism and Democracy.

Apr 01, 2014 12:22 PM

Patricia Kennedy

RLAH@properties - Washington, DC

Home in the Capital

Richard, I too had the immediate reaction that you were doing a bit of let twisting here for April Fools Day!

Apr 01, 2014 01:06 PM

Richard Weisser

Richard Weisser Realty - Newnan, GA

Richard Weisser Retired Real Estate Professional

I think that the key to any good prank is to keep it within the realm of possibility. However, the moral of the story holds true regardless of the April 1 element!!!

Apr 01, 2014 10:57 PM

Kathy Sheehan

Bay Equity, LLC 770-634-4021 - Atlanta, GA

Senior Loan Officer

Richard, it is still funny a week after April Fool's Day!

Apr 08, 2014 11:00 AM

HUD announces it is getting out of the home selling business.

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