Foreclosure by bulk - sovereign funds are buying cheap bulk foreclosures
With US home markets plummeting deeper the new industry has quietly developed - bulk foreclosure purchases by the cash rich sovereign funds are reportedly on the rise. These funds belong to the governments of oil rich countries, anywhere from Norway and Abu Dhabi to Russia and Singapore. For them, the still depressed value of the US dollar makes these foreclosed homes and strip malls a bargain. Then of course there are few hedge funds here and then, which also like an idea of buying foreclosure homes by bulk. Everything from REO residential to commercial properties goes. American Dream is being actioned for 30 to 70 cents on the dollar. Some say that bulk foreclosure selling to foreign governments is eroding US sovereignty. It is hard to argue.
Mon Aug 11, 2008 10:08PM | Copyright: www.bad-credit-advisor.com | More in Economy | Comments (0)
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