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Rep. Bill Posey (R-Florida) has introduced legislation to support the sale of REO homes.
His bill, ""The Housing Recovery Act of 2011"":http://www.gpo.gov/fdsys/pkg/BILLS-112hr1526ih/pdf/BILLS-112hr1526ih.pdf (H.R.1526), would amend the Internal Revenue Code of 1986 to[IMAGE] [COLUMN_BREAK]
exempt retirement plan distributions from early withdrawal penalties as long as the money is being used to purchase a residence that has been in foreclosure for a year or more.
Neighborhoods where vacant REOs line neighborhoods is an issue undoubtedly central to constituents in Posey's home state of Florida, where foreclosures and bank repossessions have led much of the nation since the housing bubble there burst.
In the tri-county South Florida region alone, lenders have taken title to well over 100,000 foreclosed properties since the start of the crisis in 2007, according to data from the local real estate data site ""CondoVultures.com"":http://www.condovultures.com.
Posey's bill has been referred to the House Committee on Ways and Means for consideration.
