Business & Tech
House Hunt: Open Houses in all Price Ranges
Government may turn foreclosed houses into rentals
The Wall Street Journal reported this week that the Obama administration will seek investors' ideas for turning foreclosed properties owned by government-backed entities into rental homes.
Fannie Mae and Freddie Mac along with the Federal Housing Administration owned about 250,000 homes at the end of June. This represents about half of all unsold repossessed properties. Another 830,000 homes backed by these entities are in some stage of forclosure.
One idea is to sell packages of hundreds or thousands of foreclosed properties in bulk to investors that would agree to rent them out.
Find out what's happening in Mayfield-Hillcrestfor free with the latest updates from Patch.
Follow up next week and see how this program may effect a local Real Estate investor.
Listed below are the statistics for all property sold in Highland Heights, Gates Mills and Lyndhurst since the first of the year.
Find out what's happening in Mayfield-Hillcrestfor free with the latest updates from Patch.
Bedrooms Bathrooms Square Feet List Price Selling Price DOM/CDOM Minimum 1 1.00 816 $29,750 $28,775 4/4 Average 3 2.48 2,006 $184,125 $168,651 142/201 Median 3 2.00 1,819 $138,400 $127,500 103/129 Maximum 5 7.00 8,332 $1,900,000 $1,750,000 732/1290 Total Dollar Value $28,333,350 Average DOM Breakdown and Average % of Listing Price received on Solds by Market time: 0-30 Days 31-60 Days 61-90 Days 91-120 Days 120+ Days No. of Listings 24 28 24 22 70 Breakdown % 14.29 16.67 14.29 13.10 41.67 Avg SP%LP 96.58 92.31 88.68 93.92 90.38