Bank Owned Homes Will Be Sold in Bulk in California

It was announced last week that Fannie Mae (Government Gsa), Federal Housing Finance Agency and Colony Capital are involved in the near future bulk sale of more then 400 in the Inland Empire and Los Angeles. This is going to be very beneficial for the investors, but will affect the first time home buyers that buy from the bottom sales price home to the pricey ones; also to the move up buyes. This move will make affordability to decrease, since investors buy low, rehab the properties and flip them at higher price. The Median Home Price in the Inland Empire increased 15% from $ 172,000 in February 2012 to $ 198,270 in September 2012, and the inventory decreased from 5.3 months to 3.8 months on the same period. The median home price in Los Angeles has risen 37% from $ 272,920 in February 2012 to $ 373,020 in September 2012 and the unsold inventory decrease on the same period from 5.7 months to 3.7 months. Alberto Pacheco 818 481 9211 Keller Wiliams Realty