Monday, March 12, 2012
Gov't Trims Half of Its Foreclosure Inventory
The government cut its inventory of foreclosed homes by half in 2011.
Fannie Mae, Freddie Mac and the Department of Housing and Urban Development held roughly 150,700 REO properties as of Dec. 31, down 49% from the 296,000 at the end of 2010, according to an analysis of their collective financial statements.
HUD made the biggest dent last year with its portfolio of foreclosed Federal Housing Administration properties. However it holds the fewest amount of REO among the three. Its inventory totaled more than 32,000 at the end of December, down 47% from the more than 62,000 it held one year prior.
Fannie reduced its inventory to more than 118,000, down 27% from roughly 162,000 at the end of 2010.
Freddie, which reported its earnings Friday, cut its REO inventory to 60,500, down 16% from more than 72,000 the year before. Read More...