The Main Stream

Jul 31, 2012 12:19 PM

Mystery buyer snaps up 275 foreclosed homes in Phoenix area

PHOENIX (AP) - A mystery buyer has snapped up 275 foreclosure homes across the Phoenix area, for a cool $34 million cash deal.

The Arizona Republic says Fannie Mae announced in February that it would auction 2,490 foreclosure homes in Phoenix, Atlanta, Chicago, Florida, Los Angeles and Las Vegas.

It was the first time the government-owned mortgage firm agreed to openly sell groups of foreclosure houses located in just one metro area.

Of the 275 Fannie Mae foreclosure houses that sold individually on Wednesday, a Queen Creek house went for $275,000; $78,000 for a Scottsdale condominium; $59,000 for an El Mirage house and $458,000 for a Peoria house.

Most of the 275 homes are leased.


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