Our good friends Fannie and Freddie are getting back into the foreclosure market. Stalled since September due to concerns over the integrity of the foreclosure process, the two mortgage giants have decided to resume foreclosure sales. Real state agents can start marketing these properties as 'for sale' once again and properties that were under contract can now close. Fannie and Freddie are still not continuing with evictions and with locking people out of their homes.
This is great news for prospective buyers, particularly those buyers who walked away from contracts on homes due to the freeze. Fannie and Freddie own or guarantee approximately 50% of all U.S. mortgages- that translates to 31 million homes worth five trillion dollars.
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