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In an attempt to lower the amount of homes on the market available for
sale and assist in balancing out the heavy inventory of homes.. The
White House temporarily suspends ruling that imposes a 90-day waiting
period before foreclosed homes can be sold to receive government FHA
loans.

This eliminates the requirements of seasoning issues for investors who
have aquired a home to resell for a profit, making it easier to get
the end buyers into a government backed FHA loan.

If you are out there as an active investor this is music to our ears.
So many investors are picking up pre foreclosure homes on a lease
option, subject to, or even thru a shortsale, this new ruling makes it
easier to get your buyers into a home hopefully lowering the amount of
available homes on the market which makes it easier for investors to
flip these homes for a profit.

As of June 13, 2008 - The Associated Press Reports

WASHINGTON (AP) - The Bush administration is temporarily suspending a
5-year-old rule intended to deter property flippers, as part of an
effort to help speed the sale of foreclosed properties.

For one year, the Federal Housing Administration will no longer impose
a 90-day waiting period before foreclosed properties can be sold to
receive government-backed loans.

The policy was put in place in 2003 to deter property "flipping"
schemes, in which buyers are overcharged for foreclosures or other
distressed properties. But the surge in vacant properties resulting
from borrowers who were unable to afford their mortgages has become a
far more pressing concern.

"A glut of foreclosed and abandoned homes harms neighborhoods,
frustrates homebuyers and delays a community's recovery," FHA
commissioner Brian Montgomery said in a prepared statement.

The new policy "will allow homebuyers to purchase these homes in much
greater numbers and ease the excess supply of unsold homes,"
Montgomery said.

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]]> http://fourtune5.webs.com/fourtune5blog.htm?blogentryid=3736762 2008-7-21T23:28:00-0100