Thursday, August 25, 2011

news this week 8/25/11

Reagor: Feds want foreclosures sold in bulk to be rentals - The federal government would like to sell some of its huge portfolio of foreclosure homes to investors who will rent them out. Last week, the U.S. Treasury Department and U.S. Department of Housing and Urban Development requested proposals from groups to buy the homes and turn them into rentals. Arizona is one of several states that received federal money last year to help homeowners modify their loans and keep their houses. Part of the deal with the $268 million Arizona received is that lenders have to match principal reductions for a loan modification to work. Read article:
http://www.azcentral.com/business/realestate/articles/2011/08/23/20110823feds-want-foreclosures-sold-bulk-rentals.html

Investors Bank on Rentals and Abandon Flipping - Investors are renting out about half of the homes they purchase instead of renovating or flipping the properties. A recent survey estimated that investors will rent out nearly 50% of the properties they acquired in July. In July 2010, investors would have rented out only 28% of their properties. The survey also found that first-time home buyers increased to 36.9% in July compared to 35.4% the prior month. Read article:
http://realtormag.realtor.org/daily-news/2011/08/24/investors-bank-rentals-and-abandon-flipping

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