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SOURCE: Desert Property Investor
Desert Property Investor this morning examined reports detailing a recent bulk sale of Phoenix foreclosure homes to Santa Monica-based investment group, Colony Capital-- an apparent "cloak room deal" spun by Fannie Mae.
Phoenix, AZ (PRWEB) January 02, 2013
Following a story that appeared on AZ Central, Desert Property Investor concluded that a recent bulk sale of foreclosure properties (many of which included Phoenix vacation rentals) conducted by Fannie Mae could have skewed vital sales data in the Phoenix area.
Desert Property Investor further concluded that for each of the 300 Phoenix homes included in the 1000-property lot sold to Colony Capital of Santa Monica, no individual sales prices were recorded. Desert Property Investor joined a chorus of critical analysts mentioned in AZ Central news report, who are concerned about the Fannie Mae / Colony bulk sale (as well as similar recent deals) fraught with stultifying complexity, and lack of transparency.
Desert Property Investor was aided in its decision by comments from LeFrancis Arnold, president of the California Association of Realtors who has recenty called for "new blood" in the regulatory agency (FHFA) overseeing Fannie Mae operations. Desert Property Investor noted that Arnold called the handling of the Colony/Fannie Mae transaction "a problem for the housing recovery." DPI surmised that the Colony deal amounts to largesse afforded to Wall Street, at the expense of taxpayers and a rank and file interested in property investment opportunities in California, Nevada and Arizona. DPI further concluded that keeping real estate prices secret from the public creates a harmful dearth of "comparable sales data" necessary to drive an above-board housing market recovery.
Desert Property Investor expressed concerns with a recent bulk sale of foreclosure properties conducted by Fannie Mae, in which Colony Capital paid 34 million for 1000 properties worth an estimated 176 million, and in which Fannie Mae will retain partial co-ownership.Desert Property Investor is in agreement with market analysts who believe such "cloak room tactics" are detrimental to a fragile housing market recovery underway in California, Nevada and Arizona.
About Desert Property Investor:
Desert Property Investor examines the current services and ongoing legislation relative to residential real estate prices, pitfalls and opportunities in the California, Arizona and Nevada deserts.
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