Whats going on with current HUD inventory?

[Kyle Clark]

Im a new real estate agent, one thing I was considering doing with my license was bidding on HUD properties in my states and wholesaling them. I hadnt kept up much on it or the HUD homes site. There was a lot of homes on there before but now theres not too much, I dont think there is 1 HUD home in my county at the moment.

I guess most of the distressed proeprties out there went away; REOs, shortsales, foreclosures etc. HUD takes over FHA foreclosures it thinks can be more profitable to them by selling it themselves if I remember correctly.

Has this boat sailed?

[Mark Ferguson]

1. HUD is selling off pools of properties. They are offering 40,000 this month

2. With prices going up, many banks are keeping the foreclosures instead of using the insurance and giving them back to HUD.

3. HUD lost money for the first time and is being more selective of what properties they take back with insurance. They are challenging more banks claims. There are 80,000 properties that banks want to give to HUD, that HUD has challenged.