The real estate market continues to change. What it will end up meaning for the East Phoenix Arizona valley real estate market is anyone’s guess at this point.
One new development is that Fannie Mae is inviting private equity firms to become partners in the bulk sale of foreclosed homes, which will place foreclosures right back into the banks that triggered the foreclosure crisis. One has to wonder how this can be a good thing?
During the pilot program, Fannie Mae will offer pools of residential properties to investors, including rentals, vacant homes and properties that have defaulted on their mortgages, where some homeowners are still living in foreclosures.
The new initiative will allow investors to purchase pools of foreclosed properties. A requirement seems to be that they will rent the homes for an undetermined number of years. The program is intended to provide relief to neighborhoods that have been devastated by the foreclosure crisis.