President Obama Considers Renting Philadelphia Foreclosures
President Obama Considers Renting Philadelphia Foreclosures
Wouldn’t this be a strange twist for the Philadelphia Apartment market. According to the Wall Street Journal the Obama administration is examining ways in which foreclosed properties could be rented. The hope is that renting these homes and taking them off the market will reduce high inventory levels thereby helping to stabilize the housing market. This could be a palatable option for banks that own these properties because rents have been consistently rising across the country including even those cities whose home prices have been hit the hardest. Although Philadelphia’s real estate market doesn’t have a comparably high inventory of REO properties doing anything and everything to reduce inventory levels nationally and locally would undoubtedly help the housing market.
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Blog post compliments of CenterCityTeam’s Philadelphia Real Estate Blog
Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106
215.521.1623 Direct
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