OR, they could let them as Section 8 housing, with its guaranteed monthly check.
How can I become a crony?
A month later, HUD put the house up for sale at $286,000.
There are millions of foreclosed houses owned by Uncle Sam. Anyone interested just needs to do a little research to find a bargain.
yitbos
for later
I’m not really big on infusing money into government, but this is honestly the worst possible way to manage this mess. I’m sure the story is that what the government’s actually selling is contracts to manage the homes, and not actually selling the properties.
Personally, I think every single city and county and state should be demanding that these homes go up for public auction, with auctions held at each home. There’s a load of considerations - these properties should be revalued to current market prices, they should be available to the housing market, and local governments shouldn’t be denied the opportunity to collect sales and property taxes on the properties.
But for all I know, the real deal is to sell contracts to rent the properties out, and the federal government is paying the property taxes based upon the old and outdated property values and cities and counties don’t want to disturb the cart that is funneling federal dollars into their pockets.
It’d be interesting to find out some of these details. I’m sure there’s a newspaper working on it right..about...never.
Thank you for posting this. I have sold & bought HUD homes for many years. As of about a month ago they stopped me from buying or selling their homes. You have to be one of their rich friends to buy them now.
The BHO crime syndicate just keeps rolling on.
and not one person with any power to stop him does anything.
Hello dictatorship.
sfl
Looks like the RTC all over again.