Auction to Support Federal Neighborhood Stabilization Program, Offer Eligible Buyers Downpayment, Closing Cost Assistance, 2-Year Home Warranty

McLean, VA –  Freddie Mac (OTC:FMCC),  real estate auction specialist REDC, and New Vista today announced plans to auction 135 HomeSteps®  REO homes to individual homebuyers at the Phoenix Convention Center on August 7, 2010. Almost a third of the homes are being set-aside for an auction to first-time borrowers participating in the federal Neighborhood Stabilization Program (NSP). 

HomeSteps is the real estate sales unit of Freddie Mac and markets a nationwide selection of Freddie Mac-owned homes.

“The August 7 community homebuyer auction will provide first-time buyers and other Phoenix home shoppers with an outstanding opportunity to buy affordable homes to live in at a time when mortgage rates are at a 50-year low,” said Chris Bowden, Vice President of HomeSteps. “Working with New Vista underscores Freddie Mac’s commitment to manage its REO inventory in ways intended to help stabilize communities, foster homeownership opportunities, and responsibly safeguard tax dollars.”

The Neighborhood Stabilization Program was designed to help eligible first-time homebuyers purchase foreclosed or abandoned homes in designated areas by providing closing cost and down payment assistance. NSP funds supporting the August 7 Freddie Mac auctions are being provided through the State of Arizona Department of Housing.

Freddie Mac held similar community auctions in Las Vegas and Riverside/San Bernardino Counties in April that drew thousands of bidders and sold 207 HomeSteps homes to first time buyers and other owner-occupants. 

Auction, Open House and Counseling Schedules for Phoenix Homebuyers

On August 7 two separate morning and afternoon auction sessions will be held at the Phoenix Convention Center.

  • Morning Session: 9:30 am – 11:00 am for first-time homebuyers who are pre-approved for NSP assistance. Up to 40 homes will be available for sale. Registration begins at 8 a.m.
  • Afternoon Session: 1:30 p.m. – 4:00 pm for first-time homebuyers who are pre-approved for a mortgage by any lender but do not necessarily have NSP funding. Up to 100 homes will be available for sale.  Registration for the afternoon session starts at noon.

Homebuyers at both sessions will also benefit from HomeSteps’ existing SmartBuy®  program.  Under SmartBuy, HomeSteps will pay up to 3 percent of the buyer’s actual closing costs and offer a two-year HomeProtect© limited home warranty on homes sold as primary residence to eligible buyers when the purchase price is equal to or greater than $25,000. The limited warranty, provided through Cross Country Home Services, covers electrical, plumbing, heating and air conditioning, ductwork, and major appliances.  (See and for details.) 

Freddie Mac’s network of listing brokers will coordinate open houses on July 24 and 31 and August 1 in Phoenix so interested buyers can tour the HomeSteps homes before the auction. The HomeSteps homes that will be auctioned have been removed from the market, inspected, repaired, and are ready for sale in “as is” condition.  Potential buyers can also find property descriptions at

A Consumer Education Seminar has also been scheduled for July 20, 27 and August 3 from 5-6:30 Neighborhood Housing Services of Phoenix (NHS) 1405 E. McDowell Road, #100 Phoenix, AZ 85006, (602) 258-1659. The seminar focuses on how homebuyers can buy homes using NSP funds.


Auctions That Build New Opportunities for New Homeowners

“Owner-occupants are the key to strengthening neighborhoods in the Phoenix market,” said Jim Park, CEO of New Vista. “Working with Freddie Mac, REDC and the National Community Stabilization Trust, New Vista has created a one day homebuyer event that gives NSP and owner occupant buyers an exclusive opportunity to purchase HomeSteps homes.  By working with all the local stakeholders, we will help to revitalize these communities that have been hard hit by foreclosures.”  

Jeffrey Frieden, CEO of REDC, says “For families looking to buy a home in Phoenix, this special auction event will be an amazing opportunity. There will be more than 100 homes that are ready to move in, and borrowers may be able to qualify for conventional or FHA financing, allowing buyers to purchase homes with low down payments and nominal closing costs. We’ve had great success this year putting families into homes and we expect this event will be a great boost to the local communities.”

The August 7 auction is also supported by the National Community Stabilization Trust (NCST),  a nonprofit organization created to revitalize neighborhoods hit by the foreclosure crisis, and the Neighborhood Housing Services of Phoenix (NHS), which is dedicated to the revitalization of Phoenix neighborhoods by providing a full range of programs and services that encourage, create and support homeownership.

For more information about HomeSteps homes visit

About Freddie Mac

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.+

About REDC 

Established in 1990, REDC pioneered the model for modern real estate auctions and has transformed into a comprehensive real estate services company. In addition to being the leading real estate auction marketing firm in the country, the REDC group of companies also provides real estate brokerage services, asset management, short sale facilitation and title insurance. The company has established a dominant position in its industry by selling more than $6.5 billion in real estate assets at auction since 2007. REDC's primary clients are residential and commercial mortgage lenders and home builders. The success of the company is based on the aggregation of real estate assets (residential, commercial, notes) that are marketed and sold in large event-style auctions across the country and in online auctions at Information about REDC and a complete list of upcoming auctions are available at REDC is based in Irvine, California with additional offices in Dallas and New York.

About Neighborhood Housing Services of Phoenix (NHS)

Neighborhood Housing Services of Phoenix (NHS) is dedicated to the revitalization of Phoenix neighborhoods by providing a full range of programs and services that encourage, create and support homeownership. For the past 34 years NHS Phoenix has offered counseling, education, lending and the building and rehab of affordable homes to help hard-working families realize the dream of financially-stable homeownership.