INVESTOR BUYING IN PHOENIX REAL ESTATE

I just read an article that Fannie Mae has recently

launched a home buyer’s program called “First Look”.  This program bars investors from purchasing a foreclosed property for the first 15 days that it is on the market.  This is terrific.  How can a first time homebuyer using an FHA program compete against an “all cash” investor buyer who can close within weeks.  It’s a matter of business and, of course the bank will take the all cash buyer….it’s easier for them.

This is a terrific way to get people who will stay in the homes for longer than an investor will.  I think we need to stabilize the market for awhile.

While I also represent investors, I think this is a move in the right direction for those buyers who are just trying to take advantage of the bargains out there (in the form of foreclosed properties) and have a home of their own.

Kudos to Fannie Mae….what about Freddie Mac now???