Thursday, May 8, 2008

Fannie Mae has Good News for Some

From the Atlanta Journal-Constitution

Fannie Mae reported losses of $2.2 billion in the first quarter and the nation's largest buyer of home loans said Tuesday it would cut its dividend and raise $6 billion in new capital, with expectations that the housing slump will persist into next year.

Home prices fell faster in the first quarter than Fannie Mae had expected, the government-sponsored company said, and it will open a $4 billion share offering immediately, with the remainder being offered in the "very near future."

I know these are hard times for many people who may have made regrettable decisions regarding real estate, or people who may have just had poor timing, but I am excited about the fact that my luck and timing look like they will work out quite well. I'm planning on purchasing a house within the next year and hopefully a second investment property about a year after that.

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