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Bottom near in U.S. housing market?

Posted on 17 August 2011

A bill before the U.S. Congress could stabilize the U.S. housing market by reducing the number of foreclosures for sale. Originally introduced in 2009 (but never voted on in the Senate), The Neighborhood Preservation Act would allow banks, as well as Fannie Mae and Freddie Mac agencies, to rent out repossessed (REO) properties to previous owners or other persons for 5-year terms.
The occupant will also have the option to purchase the rental at the end of the term. And it is hoped the bank will be able by then to sell at a higher price to recover more of their losses……………………………………….Full Article: Source


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