Buying Homes from the Government is no longer a thing of the past.
Miami, Fl — Americans who are brave enough to buy a home in spite of the unrelenting forecast of a double dip in housing may want to contact the federal government, as the recession and financial crisis have turned Uncle Sam into one of the principal owners of real estate in the United States.
The housing bust has led to extraordinary record of foreclosures. In May, 322,920 foreclosure notices were filed against homeowners. And more than 3 million homes have been detained over the last half-decade. The US Government owns an exorbitant amount of residential properties because of its role in buying and guaranteeing mortgages. Many of these properties are held by popular known government sponsored enterprises like Freddie Mac and Fannie Mae.
The Federal Home Loan Corp., or Freddie Mac, owned over 45,000 single and multi-family homes at the end of 2009 with a gross value of $5.13 billion. These properties were obtained by being the highest bidder at foreclosure auctions when the properties were being used as collateral for loans owned by the company has been fairly successful in average holding of real estate for less than one year.
The Federal National Mortgage Association, or Fannie Mae, is also a large owner of foreclosed property. The company owned more than 86,000 single-family homes at the end of 2009, with a value of $8.5 billion. These homes are concentrated in states that were ground zero of the housing bust, with 28% of its inventory in California, Nevada, Arizona and Florida. Fannie Mae also markets these homes intensively, and sold 123,000 in 2009.
The government’s intention is to develop the country. They are not so interested in being involved in real estate as they are in fully building back the US economy. So they are technically doing the public a favor by selling foreclosures at well below (30-60%) market value.
AL GRANT REALTY GROUP
REMAX ALLEGIANCE: 202-256-8592
MY WEBSITE: WWW.ALGRANT.SELL4.COM