Thread: U.S. moves to sell, rent 92,000 foreclosures

U.S. moves to sell, rent 92,000 foreclosures
Administration looks for buyers for U.S.-owned foreclosed homes

By Ronald D. Orol, MarketWatch

Once a home is vacant for years, according to Sommer, it may be better for Fannie and Freddie to demolish the home, limiting costs of upkeep and eliminating the need for renovations, and then try to sell the vacant property to investors.

WASHINGTON (MarketWatch) — Struggling to clear its inventory of foreclosed properties, the Obama administration said Wednesday it’s looking for investor ideas for converting more than 92,000 foreclosed properties owned by the U.S. government into rental units, a sign of the depths to which the U.S. housing market has sunk.

“Exploring new options for selling these foreclosed properties will help expand access to affordable rental housing, promote private investment in local housing markets and support neighborhood and home-price stability,â€

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