""Fannie Mae"":http://www.fanniemae has issued a media bulletin with details of an upcoming property auction in South Florida, a market that continues to struggle with high numbers of home repossessions and a backlog of foreclosure cases.
[IMAGE] [COLUMN_BREAK]The nation's largest mortgage company will auction off 100 Fannie Mae-owned REOs in Florida's Miami-Dade, Broward, and Palm Beach counties on August 14th at the Miami Beach Convention Center.
Two homebuyer auctions will be held on that Saturday. A scheduled ""morning auction"":http://www.Auction.com/Miami will be exclusively for owner-occupants using government funds, such as downpayment assistance, to help them acquire a home. The ""afternoon auction"":http://www.Auction.com/SouthFL will be open to all bidders who demonstrate that the home will be used as their primary residence.
Fannie Mae says the auctions will put families into homes and help revive the neighborhoods that have been hardest hit by the real estate crisis.
The GSE is partnering with real estate auction specialist ""REDC"":http://www.auction.com/ and the asset management firm ""New Vista"":http://www.newvistareo.com/ to help execute the Florida auction event.
""Freddie Mac"":http://www.freddiemac.com is holding a similar ""REO auction in Phoenix"":http://dsnews.comarticles/freddie-mac-to-hold-reo-auction-in-phoenix-2010-07-16 this weekend.