Sell Property Foreclosures For Better Real Estate Values
The US government is looking to rent or sell property that it owns due to foreclosures. The government has struggled to clear its large inventory of foreclosures, and the Obama administration has turned to investors for fresh ideas on how to convert over 92,000 properties into rentals. This is just one more sign of how deeply the US housing market has sunk, and it so far shows little sign of a rebound.
The government hopes that selling off the foreclosures it owns to investors who will convert it to rentals will promote investment in local real estate markets, provide affordable rentals and but a base under home prices. The administration has been working with the federal regulator for Fannie and Freddie to devise new plans for disposing of single family homes which were seized in foreclosure proceedings.