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.”
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