JUNEAU, Alaska—The Alaska Permanent Fund Corp. will be expanding its investment into the home market.
Mike Burns tells the Juneau Empire (http://bit.ly/KNXNMO) that the fund intends to buy hundreds of foreclosed properties and maybe more.
Burns says fund trustees at their meeting in Anchorage last week decided to make buys in some of the nation's most distressed housing markets.
He says the plan is to buy foreclosed properties and rent them out while waiting for the real estate markets to improve.
Burns says the plan will provide ongoing income and profits when homes are sold.
The initial investment will be $400 million. That's about 1 percent of the $40 billion fund.