What Will Uncle Sam Do With All Its Foreclosed Property?

When the housing bubble burst, Fannie and Freddie and the Federal Housing Administration became the owners of lots of residential housing. The Treasury Department, the Department of Housing and Urban Development, and the Federal Housing Finance Agency have now asked the public for input on what to do with all this housing in a way that benefits potential homeowners and tenants and spurs the housing market. As the Washington Post explains, given the depressed housing market, Uncle Sam is having trouble selling the property to individual buyers and is considering selling pools of the foreclosed housing to investors who will then turn the property into rentals.

Comments

[Richard Isacoff]

The rental program proposed by the Administration makes sense. If some agency could run a simple public auction on the right to act a rental agent for specific market areas, I assert that there would be a number of realtors who would jump at the chance to make money on rental fees.

And as for sale, how about he normal advertising real estate agents do - have the properties MLS listed for "market price" less 10%.

Selling real estate is still about LOCATION and PRICE

And yes, I am a real estate broker (at least I have a license) as well as an Attorney (my real job)

Richard Isacoff
rii@isacofflaw.com

[Jamal]

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