HUD amends law in hopes to decrease the inventory of foreclosed homes.

Foreclosed properties are purchased for many reasons such as a person's primary residence. They also pose as financial opportunities for investors. Some investors remodel the property and turn around and sell it for a quick profit. Some remodel the property and hold on to the property as a rental. In recent years, FHA had imposed restrictions for the borrowers from purchasing a property from someone who has owned the property less than 90 days. Those owners typically are/were investors.

With the recent downturn in the economy and housing bust that lead to heights of our nation's foreclosure crisis, HUD has decided to lift those restrictions for 1 year. They are hoping that easying of the law will bring more investors back into the housing market to help easy the foreclosure meltdown.

I guess only time will tell if their actions will help their cause or if it will lead to more issues that arose in years past that brought on the restrictions in the first place. Hopefully it will assist in our housing market because right now we could use all the help we can get!

For more details on the new changes, check out the press release by HUD.

Brian Heltzel
Putting On The Fix Remodeling
Burleson, TX
www.puttingonthefix.com