In an effort to stabilize neighborhoods and reduce the glut of foreclosures in the marketplace, Fannie Mae is beginning to sell foreclosed properties in bulk to investors to test the market for rental homes, write Alan Zibel and Nick Timiraos.
In an effort to soften the blow of widespread foreclosures, Fannie Mae is piloting a program to sell homes en masse to investors willing to manage them as rental properties. The Federal Housing Finance Agency, which oversees Fannie, announced the first round of sales on Monday, which will include 2,490 homes throughout eight urban regions.
"Investors will be able to submit bids on the entire portfolio of properties," report Zibel and Timiraos, "but also will be able to submit offers on all the properties in any given market." Those markets include Los Angeles and Riverside, Atlanta, Phoenix, Las Vegas, Chicago, and three regions in Florida.
FHFA Acting Director Edward DeMarco explained that the program was "designed to reduce taxpayer losses, stabilize neighborhoods and home values, shift to more private management of properties, and reduce the supply of [foreclosed] properties in the marketplace."
All of the 2,500-odd homes up for sale were already being rented when they were foreclosed, and about five-sixths are currently occupied. If the pilot is successful, Fannie Mae will begin selling homes that have yet to be converted to rentals.
FULL STORY: Fannie Mae Begins Marketing Foreclosed Homes as Rentals
What ‘The Brutalist’ Teaches Us About Modern Cities
How architecture and urban landscapes reflect the trauma and dysfunction of the post-war experience.
‘Complete Streets’ Webpage Deleted in Federal Purge
Basic resources and information on building bike lanes and sidewalks, formerly housed on the government’s Complete Streets website, are now gone.
The VW Bus is Back — Now as an Electric Minivan
Volkswagen’s ID. Buzz reimagines its iconic Bus as a fully electric minivan, blending retro design with modern technology, a 231-mile range, and practical versatility to offer a stylish yet functional EV for the future.
Healing Through Parks: Altadena’s Path to Recovery After the Eaton Fire
In the wake of the Eaton Fire, Altadena is uniting to restore Loma Alta Park, creating a renewed space for recreation, community gathering, and resilience.
San Diego to Rescind Multi-Unit ADU Rule
The city wants to close a loophole that allowed developers to build apartment buildings on single-family lots as ADUs.
Electric Vehicles for All? Study Finds Disparities in Access and Incentives
A new UCLA study finds that while California has made progress in electric vehicle adoption, disadvantaged communities remain underserved in EV incentives, ownership, and charging access, requiring targeted policy changes to advance equity.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
City of Albany
UCLA Lewis Center for Regional Policy Studies
Mpact (formerly Rail~Volution)
Chaddick Institute at DePaul University
City of Piedmont, CA
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research