How’s this for a buyer’s market? Bloomberg News reports mortgage powerhouse Fannie Mae couldn’t find any takers on a three-bedroom foreclosed home in Flint, Mich. The asking price? $5,000!
That’s a bad sign for the nation’s largest mortgage finance company, which acquired twice as many homes through foreclosure as it sold in the first quarter of 2008 and now owns 44 percent of foreclosed homes, according to Bloomberg. Looks like the foreclosure bus tour needs a few more conductors.
Photo credit: gruntzooki
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That’s a bad sign for the nation’s largest mortgage finance company, which acquired twice as many homes through foreclosure as it sold in the first quarter of 2008.
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Marq Thompson