A recent announcement by the HUD secretary has just thrown another spanner in the mix as far as investing in US real estate goes. Already, far too much interference by the US Government Inc has skewed and in many cases destroyed the independent nature of the real estate market. Once one takes into consideration the fact that US banks own 22 million residential properties, and HUD foreclosures are mostly sat rotting, the introduction of $65 million seems like a drop in the bucket, and we suspect that most of this will vanish into a few select pockets in any case. Regardless, this is the announcement:
Existing home sales figures for May were just released. Here’s a recap:
* Existing home sales fell 2.2% to a seasonally adjusted annual rate of 5.66 million in May from 5.79 million in April. That was far worse than forecasts for a sales rate of 6.12 million, and comes on the heels of a 8% gain a month earlier.
I am actually laughing out loud at the latest press release from Fannie Mae. According to the release – And I assume they think we have all forgotten the disaster they created by lending money to anyone with a pulse – yes – the SUBPRIME CRISIS!!! – Fannie Mae wants to Help Educate Homeowners and Potential Home Buyers”
