Gov't trims foreclosure inventory

Gov’t trims half its foreclosure inventory

 The government was able to chip away at its foreclosure inventory in 2011, reducing it by nearly half, according to a HousingWire analysis of financial statements from three government enterprises.

From the end of 2010 to 2011, Freddie Mac, Fannie Mae, and the Department of Housing and Urban Development saw a 49 percent reduction in the number of REO properties owned. The three government enterprises held about 150,700 properties on 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 (Fannie Mae and Freddie Mac) sold more than 353,000 previously foreclosed property for the year.”

Here’s a closer look by how much the government enterprises trimmed their foreclosure inventories:

• HUD: Reduced its foreclosure inventory to about 32,000, a 47 percent drop from more than 62,000 it held at the end of 2010.

• Fannie Mae: Reduced its foreclosure inventory to more than 118,000, which is down 27 percent from about 162,000 at the end of 2010.

• Freddie Mac: Reduced its REO inventory to 60,500, down 16 percent from more than 72,000 in 2010.

Source: “Government-held REO Halved During Robo-Signing Freeze,” HousingWire (March 9, 2012)

 

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