The Bush administration suspended an old rule that was meant to deter property flipping, this is meant to help eliminate the glut of vacant foreclosed properties.
This rule has only been suspended for the next twelve months with the possibility of a 12 month extension. The new administration will be left to sort things out next year.
The Federal Housing Administration (FHA) will no longer impose a 90 waiting period before foreclosed properties can be sold to receive government-backed loans.
A glut of foreclosed and abandoned homes harms neighborhoods, frustrates home buyers and delays a community's recovery," FHA commissioner Brian Montgomery said in a prepared statement.
Nationwide, 261,255 homes received at least one foreclosure-related filing in May, up 48% from the same month last year, and up 7% from April, foreclosure listing company RealtyTrac Inc. said Friday.
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