Government Slices Foreclosure Inventory
United States Government Reduces Foreclosure Supply By Nearly 50%
The United States government was able to decrease its over-saturated foreclosure stockpile. Uncle Sam reduced its inventory by close to fifty percent (50%), HousingWire reports in analyzing financial statements from three government enterprises.
From the end of 2010 to 2011, the Department of Housing and Urban Development, Freddie Mac, and Fannie Mae witnessed a tremendous reduction in the number of REO properties it owns. The three government enterprises held about 150,700 properties as of Dec. 31, 2011, compared to 296,000 at the end of 2010. “The GSEs sold REOs at a record pace in 2011,” HousingWire reports. “Combined, both sold more than 353,000 previously foreclosed property for the year.”Here’s a more detailed view of how much the government enterprises trimmed their foreclosure inventories:
Freddie Mac: Reduced its foreclosure supply to 60,500 properties. This amount is down 16%. It was listed at over 72,000 units in 2010.
Fannie Mae: Decreased its foreclosure catalog to slightly over 118,000 properties. This amount is 27% less than the 162,000 units registered at in 2010.
HUD: Depleted its foreclosure archive to only 32,000 properties. This amount is a 47% drop from the 62,000+ properties it had on hand in 2010.
by Adrian Provost
images courtesy of foreclosure.avvo
(housingwire contributed to this report)
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