U.S. government owned Fannie and Freddie have 218,000 foreclosure homes to unload and more coming, so they are running a summer sale.
And it's got all the elements of a sale. Big discounts and cheap financing. Fannie will even help to finance the deal with a down payment as low as 3%. You can shop online at www.HomePath.com (Fannie) and www.HomeSteps.com (Freddie).
But like any sale, you must act now. Fannie wants their deals closed by Oct. 31st and Freddie wants theirs under contract by July 31st and closed by September 30th.
Personally, I find this heart breaking for the people who lost these homes and unfortunate for the U.S. taxpayers who are bearing hundreds of billions of dollars in losses. But these homes need owner-occupants who will care for them, as do the neighborhoods where the homes are located and the local communities need for them to again pay property taxes for schools, police, fire protection and other vital services.
Dick
For more details, please see "Freddie, Fannie Offer Summer Deals On Foreclosures," by Kenneth R. Harney, Syndicated Columnist, Seattle Times (6/26/11) http://www.pressdisplay.com/pressdisplay/viewer.aspx
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