Florida Realtors object to federal bulk foreclosure sales

Florida Realtors, a statewide trade group, is objecting to a bulk-sale pilot program by the Federal Housing Finance Administration because of concerns about how such sales might affect local resale markets, the Orlando Sentinel reports.

The trade group’s concerns echo similar ones from the California Association of Realtors, which recently complained about 500 Fannie Mae-owned foreclosed homes in the Los Angeles and Empire areas.

The National Association of Realtors also voiced its concerns to the Federal Reserve Board in March about foreclosure sales to investors, the Sentinel reports. NAR recommended that any bulk-sales program be limited to small geographic areas that need alternatives to individual investors.

John Tuccillo, chief economist for the Florida Association of Realtors, told the Business Journal in April that the buying in bulk is creating a misleading increase in prices.

Read on.

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