More than a year after the Federal Housing Finance Agency first announced its proposal to sell investors Fannie Mae foreclosed properties in bulk for rentals and two months into its second sale with less than 800 properties moved, market watchers are expressing skepticism about whether the program will ever advance beyond the pilot stage. Earlier this month, the FHFA announced that New York-based Cogsville Group LLC was the winning bidder of 94 Fannie-owned properties. The firm paid $2.1 million for a share in a joint venture with the GSE resulting in a transactional value to Fannie of $11.8 million or 86.2 percent of the properties’ estimated value.