The Federal Housing Finance Agency has sold 699 foreclosed Florida homes to the Pacifica Cos. of San Diego.

This bulk sale, comprised of three tranches of homes around the state, is the first in a new program aimed at reducing the so-called shadow inventory of foreclosed homes to private investors, according toThe Palm Beach Post.

Investors like Pacifica are expected to get the homes ready for quick sale or rental, thereby stabilizing prices, improving the quality of housing stock and enhancing the inventory of markets by using a rent-and-hold strategy.

Realtors, however, tend to oppose the program, citing a "hot” Florida real estate market where inventory has dropped 43 percent in one year.

Pacifica paid $12.3 million in cash for the homes and will pay Fannie Mae 90 percent of the proceeds until it collects $49.3 million, at which time the it will split proceeds with agency.