Gwinnett Foreclosure next door now for rent
How about we rent the foreclosed homes in Gwinnett? That might be a next move for the current fiasco in Washington.
The Obama administration will be seeking input from investors to launch a program whereby foreclosed homes will be available as rentals to improve the housing market according to sources.
That glut of foreclosed homes in Gwinnett available, which account for one in three sales of existing Atlanta homes, has helped limit both prices and activity in the market. CoreLogic reports that home prices on a 12-month basis fell 6.8% in June, but the fall was just 1.1% when distressed sales are excluded.
The foreclosed homes in Gwinnett are going to remain with unemployment at 9.1%. But steps to reduce the foreclosed homes in Gwinnett inventory would certainly give a big lift to the dead-in-the-doldrums industry.
The goal of a preliminary effort announced Wednesday is to find private investors who would be willing to own properties, and in turn rent them, sometimes to the occupant who defaulted. It even would countenance, “in certain instances, demolition,” according to a document published today
While that opens the government to charges that it will leave money on the table, the current desperate times in the housing market — not to mention the $2.9 billion Fannie Mae loss and the $2.1 billion Freddie Mac loss the firms just reported — should at least dampen that argument.
At this point, almost any initiative in the foreclosed homes in Gwinnett housing market would be welcome.