Tuesday, July 26, 2011

Government in talks to rent out foreclosures

The Obama administration is considering a plan that would take foreclosed homes off the market and rent them out – in a move aimed at clearing the glut of unsold foreclosed homes and preventing home values from falling any more, The Wall Street Journal reports.
The talks come at a time when national rents are on the rise and home prices have been falling. By taking advantage of higher rents, lenders would be able to cover the costs of holding the properties until the homes can be resold after the market stabilizes – and maybe even make a profit on it later, experts note.

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