Economy: Economic News, Policy & Analysis - The Washington Post: Can we fix housing by turning foreclosures into rentals?

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Can we fix housing by turning foreclosures into rentals? Feb 29th 2012, 14:00 Here's the problem at the heart of the housing slump: There's too much supply, given the huge overhang of foreclosed and vacant properties, and not enough demand from homebuyers. The Obama administration is slowly trying to even out that imbalance by turning foreclosed properties held by Fannie Mae into rental properties run by private investors, as there's a much stronger market for home rentals than sales. For now, it's a pilot program that aims to convert some 2,500 foreclosed homes into rentals through bulk sales. But its success could prompt the White House to scale up its efforts more dramatically, and it's one of the few ways that the Obama administration can try to turn around the housing market without Congress. Read full article >>

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