HUD to sell 4,000 homes online

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By Mary Mosquera
 

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By Mary Mosquera

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The Housing and Urban Development Department intends to use the Internet to increase homeownership.<br>

The Housing and Urban Development Department intends to use the Internet to increase homeownership.

The housing agency today announced plans to hold an online auction Feb. 27 and 28 to sell up to 4,000 homes it has acquired through foreclosure.

Although HUD has conducted similar auctions, for the first time it will publicize the auction in major newspapers and use special home sales listing procedures to expand the number of participants.

Properties available through the auction will be pulled from the market for approximately three weeks prior to the auction dates. The review period will begin Saturday, Feb. 15, when the properties will be listed at www.hud.gov. During this time, prospective buyers will have an opportunity to browse the available listings. Buyers may inspect the homes, look at neighborhoods and comparison shop before submitting bids during the auction.

'HUD hopes this special effort will make more people aware of the opportunities that are available through our programs,' said John Weicher, assistant secretary for housing and commissioner of the Federal Housing Administration. 'This, in turn, will further our mission of increasing homeownership and expanding the supply of affordable housing.'

The auction will run from 10 a.m. EDT on Feb. 27 until 11:59 p.m. on Feb. 28. HUD will announce the bid results the following day.

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