The California Association of Realtors (C.A.R.) is not the only state-specific Realtor group to be suspicious of ""FHFA's REO Initiative"":http://www.fhfa.gov/Default.aspx?Page=360 involving the bulk sale of REO inventory to institutional investors.[IMAGE]
The ""Florida Realtors"":http://www.floridarealtors.org stated that it has ""expressed concerns to The National Association of Realtors (NAR) about the issue and is requesting member feedback on how the FHFA bulk sales issue affects the Florida market.""[COLUMN_BREAK]
According to the trade group, 775 homes in July had winning bids from buyers, with 190 in Central and Northwest Florida, 418 in Southeast Florida and 167 on the West Coast.
Recently, ""C.A.R. accused"":http://dsnews.comarticles/car-calls-for-transparency-in-fhfa-bulk-sales-pilot-2012-08-22 FHFA of ""moving ahead with its REO bulk sales pilot initiative in a highly secretive manner, despite vehement opposition from California congressional members, the negative economic impact to the state's housing market, and cost to taxpayers.""
According to C.A.R., the program calls for the sale of nearly 500 Fannie Mae-owned foreclosures in the Los Angeles and Inland Empire areas.
C.A.R. president LeFrancis Arnold said Fannie Mae and FHFA are moving forward without revealing details such as who the winning bidders are, where the properties are located, and what the sales price is.
C.A.R. has argued that the ""program is not necessary"":http://dsnews.comarticles/california-home-prices-going-up-inventory-down-car-reports-2012-04-16 for the state because inventory is low. In a ""recent report"":http://dsnews.comarticles/reo-sales-down-in-california-as-inventory-tightens-car-2012-08-23, C.A.R. stated the months' supply of REOs is down to 1.5-months.