Tuesday, February 22, 2011

FHA REO inventory up 47% from one year ago

This is not surprising, since the banks are moving through foreclosures at a faster rate than a year ago.  Foreclosure-gate and robo-signing issues are still lingering, but banks and servicers are still trying to push them through.
The Federal Housing Administration held 60,739 properties repossessed through foreclosure on its books as of December 2010, up 47% from the year before.
The current value of those properties is $9.1 billion, according to the FHA book of business report released Tuesday. Combined with Fannie Mae and Freddie Mac's third quarter numbers, the U.S. government holds roughly 360,000 REO properties.
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