by Ross Kilburn, DHC
Finally, the Federal Housing Authority is coming to their senses. They have suspended a rule established in 2003 that prevented people from buying foreclosed homes with government-backed mortgages within 90 days of a recent sale.
“A glut of foreclosed and abandoned homes harms neighborhoods, frustrates homebuyers and delays a community’s recovery,” FHA commissioner Brian Montgomery said in a prepared statement.
The new policy “will allow homebuyers to purchase these homes in much greater numbers and ease the excess supply of unsold homes,” Montgomery said.
This will allow investors to move in quickly to purchase foreclosed homes, clean them up, and quickly resell them to retail buyers.
http://www.hud.gov/news/release.cfm?content=pr08-082.cfm
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June 13th, 2008 at 4:44 pm
Just wanted to say HI. I found your blog a few days ago on Technorati and have been reading it over the past few days.