Many consumers can now afford homes sold through auctions.
may be in order for some consumers if they are able to snag a home at an upcoming Phoenix home auction.
There will be 135 HomeSteps real estate-owned homes auctioned off to consumers on August 7 at the Phoenix Convention Center. Nearly one-third of the homes will be made available only to those who are first-time borrowers and are participating in the federal Neighborhood Stabilization Program, Freddie Mac said.
"The August 7 community homebuyer auction will provide first-time buyers and other Phoenix home shoppers with an outstanding opportunity to buy affordable homes to live in at a time when mortgage rates are at a 50-year low," HomeSteps vice president Chris Bowden said. He added that Freddie Mac is committed to managing "its REO inventory in ways intended to help stabilize communities, foster homeownership opportunities, and responsibly safeguard tax dollars."
Before making the move to Phoenix, homebuyers should inspect the list of available homes and the neighborhoods they are located in. They should look into important factors such as local schools, crime rates and what their new cost of living will be.