Freddie Mac To Auction 135 REO Homes In Phoenix]Freddie Mac[/link] will auction off 135 HomeSteps real estate owned (REO) homes to individual home buyers at the Phoenix Convention Center on Aug. 7. Approximately one-third of the homes are being set aside for an auction to first-time borrowers participating in the federal Neighborhood Stabilization Program. HomeSteps, the real estate sales unit of Freddie Mac, markets a nationwide selection of Freddie Mac-owned homes. Freddie Mac's network of listing brokers will coordinate open houses on July 24, July 31 and Aug. 1 in Phoenix for interested buyers to tour the homes before the auction; property descriptions are also online at ‘The community home-buyer 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,’ says Chris Bowden, vice president of HomeSteps. ‘Working with New Vista underscores Freddie Mac's commitment to manage its REO inventory in ways intended to help stabilize communities, foster homeownership opportunities and responsibly safeguard tax dollars.’ Freddie Mac held similar community auctions in Las Vegas and in California's Riverside and San Bernardino counties in April. SOURCE: Fred


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