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Obama May Turn 250,000 Foreclosures Into Rentals

WASHINGTON -- The Obama administration may turn thousands of government-owned foreclosures into rental properties to help boost falling home prices.

The Federal Housing Finance Agency said Wednesday it is seeking input from investors on how to rent roughly 250,000 homes owned by government-controlled mortgage companies Fannie Mae and Freddie Mac and the Federal Housing Administration. All of the homes are foreclosures.

The U.S. government rescued the two mortgage giants in September 2008 and has funded them since the financial crisis. Fannie and Freddie own or guarantee about half of the nation's mortgages and nearly all new mortgages.

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The Current Housing Market for 2025: 5 States with the Highest Foreclosure Rates

 

Foreclosure rates are on the rise. As of February, there were nearly 33,000 properties in foreclosure, an 8% increase from the year prior, according to a new report from ATTOM.

"The annual uptick in U.S. foreclosure activity hints at shifting dynamics within the housing market," Rob Barber, CEO at ATTOM, said on the site. "These trends could signify evolving financial landscapes for homeowners, prompting adjustments in market strategies and lending practices."

The report found that foreclosure rates were up year-over-year in 22 states. Here's a look at the states with the highest foreclosure rates. Now what could this mean for you? Opportunities! Explore these 5 states and take action.

1. South Carolina 

• Foreclosure rate: 1 in 2,248 homes

2. Delaware 

• Foreclosure rate: 1 in 2,428 homes

3. Florida 

• Foreclosure rate: 1 in 2,632 homes

4. Ohio 

• Foreclosure rate: 1 in 2,828 homes

5. Connecticut 

• Foreclosure rate: 1 in 2,884 homes