Florida Bank Foreclosure Listings Lures Investors with Mortgage Changes

by Simon Lindsay on States

A lot of investors can now get back in the housing market with the good news that Fannie Mae has increased their four-financed property limit to ten. The said limit has been lifted last March, from when it was first imposed in September last year. With this, investors can now start buying or refinancing properties including those in bank foreclosure home listings.

The said limit was imposed on investors due to the fact that a lot of those who profited in the housing boom were the ones who created the current foreclosure crisis that has wreaked havoc to the nation’s housing market.

A lot of investors are being seen as the culprit for making speculative investment decisions that were outright risky and irresponsible. As a result, the collapse in the housing market has triggered a wave of economic problems that include bankrupt companies, job losses and of course, millions of homes in bank foreclosure listings.

Since the beginning of this year, the Obama administration has tried to come up with various housing stimulus programs that will help put a stop to the growing number of foreclosures and keep Americans in their homes. Unfortunately, there is very little positive result being seen as more and more homeowners find themselves facing foreclosure.

The Florida Association of Realtors certainly welcomed the lifting of the limit especially considering the slugging foreclosure home market in Florida. Previously, brokers and agents were turning away interested investors because of the imposed limit involving the purchase or refinance of properties especially after finding out that the investor already met the four-financed property limit.

Agents and brokers who feel that their hands are tied because of the limit have even called Fannie Mae and informing the government-owned agency that the limit was actually preventing the housing market from recovering. With the state struggling with thousands of homes in bank foreclosure listings, it is certainly frustrating to know that there are buyers but they were not allowed to buy.

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