Freddie Mac auctions 135 Phoenix homes Saturday

Posted: Updated:

PHOENIX -- Government-controlled mortgage lender Freddie Mac will auction 135 foreclosed Phoenix-area homes to first-time homebuyers on Saturday.

The auction at the Phoenix Convention Center is designed to clear inventory and stabilize neighborhoods by putting families in empty homes.

Two sessions are planned. Registration for the morning auction begins at 8 a.m. and is solely for homebuyers who are pre-approved for the federal Neighborhood Stabilization Program. That program helps pay part of the closing costs and the down payment for qualifying homes.

The afternoon session is for first-time homebuyers who are pre-approved by a lender but who may not have signed up for the federal help program. Registration starts at noon.

Buyers can find property descriptions at www.auction.com/phoenix.

(Copyright 2010 by The Associated Press. All Rights Reserved.)