Last week HUD launched a new website to track bank-owned properties. The goal of the website is to help REOs be absorbed more strategically in the market, particularly for those using the Neighborhood Stabilization Program (NSP). The real positive of the site is to be able to see foreclosures lumped together in a neighborhood or city and quickly identify who has the most REOs (HUD, FNMA or Freddie). However, a tool like this is really only useful if the data is fresh and accurate. See the HUD REO website HERE. Thanks Dave Towne for the link.
Ultimately, I wonder whether investors and home owners would actually use this tool when many of them have Sacramento MLS at their disposal either personally or through a stellar local agent.
What do you think? Do you see any real use here or is this simply a neat tool with little impact? If you use another foreclosure tool, how does this website compare? I’d be especially curious to hear from investors and real estate agents.
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