Freddie Mac to Auction REO Homes in Phoenix

by Kerry Curry 2:23 PM July 16, 2010

Freddie Mac will auction 135 REO houses in Phoenix next month — with a portion of the residences reserved for first-time homebuyers.

Nearly a third of the homes scheduled to be auctioned on Aug. 7 at the Phoenix Convention Center will be set aside for bids from first-time borrowers participating in the federal Neighborhood Stabilization Program (NSP), Freddie said in a news release Friday.

The homes are part of Freddie’s HomeSteps program, the GSE’s distressed real estate sales unit.

“The Aug. 7 community homebuyer auction will provide first-time buyers and other Phoenix home shoppers with an outstanding opportunity to buy affordable homes to live in at a time when mortgage rates are at a 50-year low,” said Chris Bowden, vice president of HomeSteps, in a prepared statement. “Working with New Vista underscores Freddie Mac’s commitment to manage its REO inventory in ways intended to help stabilize communities, foster homeownership opportunities, and responsibly safeguard tax dollars.”

Read full article on reo-insider.com

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