One hundred and thirty-five Freddie Mac foreclosures and REO homes would be offered at an auction in Phoenix, Arizona on August 7, 2010. The event will be held at the Phoenix Convention Center and is being organized by the mortgage giant, along with New Vista and auction specialist REDC.

More than 30% of the Home Steps REO properties at the auction will be reserved to first time homeowners who are participants of the Neighborhood Stabilization Program (NSP), an effort launched by the federal government to stave off foreclosures by state. According to Home Steps officials, the auction will offer home buyers opportunities to acquire homes at very affordable prices and at record low mortgage rates.

Officials also added that the collaboration between New Vista and Freddie Mac emphasizes the mortgage firm's commitment to address the problem of properties under foreclosure listings and to stabilize neighborhoods. The auction is also a way for Freddie Mac to manage its inventories of REO properties and provide home ownership opportunities.

The NSP aims to assist first time home buyers in acquiring Freddie Mac foreclosures and other types of foreclosed dwellings by offering closing costs and down payment help. Funds for the Phoenix auction will go through the State of Arizona Department of Housing, auction organizers have stated.

Freddie Mac has already held Home Steps auctions in April in various areas of the U.S., including Riverside County, Las Vegas and San Bernardino County. The events drew buyers by the thousands and resulted in more than 200 homes being sold to first time homeowners. The Phoenix auction will have a morning and an afternoon session.

Organizers of the sale reveal that buyers at the auction can take advantage of the Smart Buy program from the real estate arm of Freddie Mac, Home Steps. Under the program, Home Steps will take care of three percent of the buyer's closing costs. It will also offer a Home Protect two-year limited warranty on houses that will be sold as residence to qualified buyers if the dwelling's price is $25,000 or higher. The warranty will cover plumbing, electrical, home appliances, ductwork and heating and air conditioning.

The Freddie Mac foreclosures and REO auction in Phoenix is just one of the many efforts launched by the mortgage firm to address the problem of foreclosures and to help stabilize neighborhoods that suffered from the housing market crisis.

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