The Federal Housing Finance Agency (FHFA) is about ready to roll out its new bulk REO sale program.
The program will initially focus on major metropolitan areas that have a large percentage of government REOs.
Roughly one-half of U.S. REO inventory is in only 20 metro areas.
The new program will initially take bids on 2,500 REO properties located in Atlanta, Chicago, Las Vegas, Los Angeles, Phoenix, and Florida.
Interestingly, the program will only include properties that are already rented.
That means the program will do nothing to solve the problem of vacant or abandoned properties.
Source: HousingWire.com article