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Tuesday, September 20, 2011

MBA supports large-scale REO disposition

"Today the nation faces a disproportionately large inventory of homes with additional 'shadow inventory' to come on line soon, in the face of a weak job market and weak housing demand," Stevens said. "Getting more REO properties into the hands of owner-occupiers would be the best option for stabilizing neighborhoods."
The MBA puts the shadow inventory of mortgages delinquent 90 days or more or already in the foreclosure process at about 4 million homes. With about 1 million to 1.2 million foreclosure sales and short sales a year, the MBA estimates it will take three and half to four years to move through this inventory overhang.
Some of the recommendations the trade group sent to the FHFA include a heightened focus on providing preferential financing to resident owners; expanding finance options and incentives for local investors; increasing protections for investors against fraud; and improving transparency.
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