One Foreclosed Home Every 90 Seconds

For the first quarter of 2010 FNMA and Freddie Mac took possession of a foreclosed home every 90 seconds and held inventory of foreclosed properties of 163,828 homes.  Costs to taxpayers so far totals $146 Billion and is estimated by the Office of Budget Management to reach as high as $389 Billion.

Here is a link to the full article:  http://tinyurl.com/23ps25j

With this much inventory and foreclosure numbers continuing to climb it is difficult to understand the reluctance of both FNMA and Freddie Mac to sell to investors.  Being more reasonable with short sale offers would seem to make sense to all parties involved and to the housing market.  Placing restrictions on resell time frames simply adds cost to the investor which is likely to be passed on to the ultimate buyer.