The Federal Housing Finance Agency's pilot to sell real estate owned homes to investors disappoints as it singles out properties already occupied by tenants, according to a new report from Paul Dales, senior U.S. economist for Capital Economics.
The pilot program will involve the sale of 2,490 REOs, or 1% of the REO assets held by Fannie Mae and Freddie Mac, to investors in an REO-to-rental plan.
Dale said he is "disappointed that 85% of the REO units due to be sold are already occupied by tenants."
"The pilot plan will therefore do almost nothing to reduce the number of vacant homes for sale or provide more homes to rent," he said.
Read more...Bulk REO pilot plan disappoints: Capital Economics via HousingWire
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