Hojin's SW Orlando Real Estate Scoop

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Fannie and Freddie Suspend Foreclosure Sales

November 24th, 2008 · 1 Comment

Those of you waiting for new foreclosures coming on the market may be interested in the announcement that Fannie Mae and Freddie Mac will be suspending foreclosure sales and evictions from the day after Thanksgiving through January of 2009. At least those unfortunate will have some relief until after the holidays. Perhaps it will spur on some consumer spending that’s so important to the economy.

My impression of the way banks are handling the mortgage crisis is that they are not equiped to handle the situation and I hope this time off will help them get better organized.

Tags: Foreclosures

1 response so far ↓

  • 1 Scott Taylor, Realtor, P.A. // Nov 25, 2008 at 4:10 pm

    This well help us, (as real estate agents), to sell the existing foreclosure inventory first and will benefit all sellers. Resales don’t stand much of a chance to sell next to these bottom of the barrel foreclosures so this may help give them a boost. Seems like each new foreclosure is lower than the last one. It’s amazing how low some of these foreclosures are priced at. Some of the REO agents are pricing so low that they get bidding wars within a few days. My advice to investors or regular home buyers is that if a home looks like a good deal, jump on it quick, they’ll be more offers coming in.