Backpedals on Homebuyers: Fannie Mae is selling more of its foreclosed properties to investors as prices rise, limiting homebuyers' access to cheap housing.
"The first-look program almost becomes moot because the homes are priced too high right out of the gate," said Buck. "By the time the property gets reduced to what it's worth, now you are past the first-look program and owner-occupants are competing with investors." While homebuyers retreat from this market, investors are buying a greater share of the housing from the government-owned mortgage giant to rent or flip, read more.
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