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AMERICAN DREAM OF HOME OWNERSHIP OFFERED TO SOUTHLAND HOME BUYERS

AMERICAN DREAM OF HOME OWNERSHIP OFFERED TO SOUTHLAND HOME BUYERS
 Freddie Mac Selects Kennedy-Wilson To Auction 248 Homes
 in Seven Southern California Counties
 LOS ANGELES, June 29 /PRNewswire/ -- Southern California home buyers will be able to select their dream home from among 248 single- family homes, condominiums, duplexes, triplexes and fourplexes which will be auctioned by the Federal Home Mortgage Corp. (Freddie Mac) later next month.
 Santa Monica-based Kennedy-Wilson was selected to conduct the "American Dream" auction, a two-day sale July 25 at the Los Angeles Convention Center and July 26 at the Westin South Coast Plaza in Costa Mesa, both at 2 p.m.
 The properties are located throughout Southern California in seven counties from Bakersfield to San Diego in communities such as Palmdale/Lancaster, Canoga Park, North Hollywood, Simi Valley, Long Beach, Palm Springs, Moreno Valley, Riverside, Fontana, San Bernardino, Garden Grove, Santa Ana, Escondido and Oceanside.
 Scheduled to close its Los Angeles REO office at the end of next month, Freddie Mac has made the decision to auction most of its remaining real estate-owned (REO) inventory rather than managing the assets long-distance after the REO division moves to Dallas later this summer, according to Dave E. Posley, regional manager for Freddie Mac's single-family REO operations.
 "It was a sound business decision to have an auction at this time in order to facilitate an easy transition," said Posley. "The public wins because this sale will provide an opportunity for many qualified first-time home buyers to purchase a residence under excellent financing terms, including 5 percent down payments with no private mortgage insurance requirements (PMI) for owner occupants."
 Most of the properties will be sold "absolute," or to the highest bidder, regardless of price. Those remaining will be sold subject to a published "reserve" price. While the seller reserves the right to accept or reject any bid less than the published reserve price for these 78 residences, there are no minimum selling prices.
 A series of "How to Buy" seminars will be held to explain the auction process and encourage widespread participation among prospective buyers and the real estate brokerage community. The schedule is as follows: San Diego County, July 13; San Gabriel Valley and Riverside/San Bernardino counties, July 15; Los Angeles and Orange Counties, July 16; San Fernando/Santa Clarita valleys, Ventura and Kern counties, July 20.
 For more information, call 800-522-6664 to obtain auction catalogue No. 6595 or visit the Freddie Mac Auction Information Office located at Kennedy-Wilson's Santa Monica headquarters, 2950-31st St., suite 300.
 Kennedy-Wilson, a leader in the field of real estate auction- marketing, has sold in excess of $2 billion of residential, resort and commercial real estate since its founding in 1977. The firm's marketing strategies have been successfully applied throughout many regions of the United States under varying market conditions and economic cycles. Last year, the firm's auction sales totaled approximately $800 million. Kennedy-Wilson has 16 offices in the United States and the United Kingdom.
 -0- 6/29/92
 /CONTACT: Laurence J. Dwyer, of Freddie Mac, 703-903-2442; or Leslie Manabe of Kennedy-Wilson, 310-314-8400/ CO: Kennedy-Wilson Inc. ST: California IN: SU:


CH-KJ -- LA024 -- 4877 06/29/92 16:24 EDT
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Publication:PR Newswire
Date:Jun 29, 1992
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