HUD SECRETARY ANNOUNCES NATIONAL FIRST LOOK PROGRAM TO HELP COMMUNITIES STABILIZE NEIGHBORHOODS HARD-HIT BY FORECLOSURE

WASHINGTON, DC – September 1, 2010 – (RealEstateRama) — U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan today announced an unprecedented agreement with the nation’s top mortgage lenders to offer selected state and local governments, and nonprofit organizations a “first look” or right of first refusal to purchase foreclosed homes before making these properties available to private investors.