Government bulk sales of foreclosed homes reduces housing availability

This isn’t some academic problem. I have real buyers, first time buyers, who are being told that they may not be able to purchase a foreclosed Freddie Mac home on which they have made a good offer because it is being considered now to be pulled from the market for a bulk sale to an investor buyer. With our severely reduced local housing inventory, this policy can only harm first time homebuyers. Buyers who may now be seeing some of the best prices and lowest interest rates of their lifetime. How can this policy possibly square up with the purpose of our U.S. Treasury owned Freddie Mac organization? Do we taxpayers maintain Freddie Mac (“to the current tune of almost $142 billion”) to serve homebuyers or investors? It’s a serious question, and one which I posed today to my representative in congress, Wally Herger.

I’ve never asked Congressman Herger for any favors before, so I have no idea what results I may expect. As I understand it, he has been in Congress for a very long time, and so should have some influence. We’ll find out. I’ll keep you informed of his response.

Congressman Wally Herger is asked to look in on an agency

One thought on “Government bulk sales of foreclosed homes reduces housing availability

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