The California Association of Realtors is livid over FannieMae’s decision to begin to bulk offload REO Properties. In part, and quoted in the REALTOR Official Magazine, this was said:
“Fannie Mae and FHFA’s decision to move forward with the REO bulk sale in California amounts to another gift to Wall Street at the expense of taxpayers,” says LeFrancis Arnold, CAR’s president. “The deal, which calls for the sale of more than 400 foreclosed homes in Los Angeles and the Inland Empire, not only hurts taxpayers and prospective home buyers, but will also delay a full recovery in the housing market.”
Folks, these are the Brokers speaking out and REALTOR is no punk in the game! My hunch is that you are going to see this trend fast forwarding which will open up the renovation game extremely rapidly. This squares with my theory to anticipate the outstanding 80%+ of properties being held on the back burner making a transition by Q4 when Federal Reserve Chairman Bernanke will be leaving (this is my educated guess he will be leaving) and thus the days of low interest, Quantitative Easing will go by the wayside.