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Updated Jul 31, 2012 - 8:31 am

Buyer snaps up 275 foreclosed Valley homes

PHOENIX -- It's unclear who the buyer is, but 275 foreclosure houses across the Phoenix metropolitan area were purchased through a quiet $34 million cash deal.

The Arizona Republic reported that Fannie Mae announced in February that it would auction 2,490 foreclosure homes in Phoenix, Atlanta, Chicago, Florida, Los Angeles and Las Vegas.

It was the first time the government-owned mortgage firm agreed to openly sell groups of foreclosure houses located in just one metro area.

Of the 275 Fannie Mae foreclosure houses that sold individually on Wednesday, it was $265,000 for a Queen Creek house; $78,000 for a Scottsdale condominium; $59,000 for an El Mirage house; and $458,000 for a Peoria house.

Most of the 275 homes are leased.

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Information from: The Arizona Republic, http://www.azcentral.com

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