We have seen this at TradeMark Residential for the past 18 months. Banks have through their own initiative, rented their foreclosed properties to stabilize the asset. The bank may turn around and sell the property but typically keeps the house with renters and income in place.
Now, Federal Reserve Chairman Ben Bernake is calling for a nationwide REO (real estate owned/ foreclosed property) rental program. Bernake cites that stabilized property will boost the economic recovery by strengthening the housing sector. Many foreclosed properties have taken 3-4 years to sell during which time they sit vacant and mostly unattended. What are your thoughts???
See article; http://www.housingwire.com/2012/01/04/bernanke-calls-for-nationwide-reo-rental-program
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