The year-end inventory of foreclosed homes at Fannie Mae fell for the first time since the housing downturn.
In 2011, Fannie reduced its REO inventory 27% to roughly 118,500, according to its fourth quarter financial filing. Levels increased every year since 2007.
For the first time since the collapse, Fannie sold more REO than it repossessed. In 2011, the government-sponsored enterprise acquired nearly 200,000 properties and sold more than 243,000, the most in the company’s history.
Total repossessions of REO homes declined nearly 24% from the year before, due mostly to the slowdown caused by servicers correcting affidavit and other documentation problems.
Fannie vendors continued to sell REO for slightly more than half of the unpaid principal balance left on the loan before foreclosure. In 2011, REO net sales price equaled roughly 55% of the UPB on the loan, down from 57% the year before. In 2006, it was 83%.
More than 23% of the Fannie Mae REO inventory is located in California, the most of any other state at the end of last year. The next closest is Florida, at 11.5%.
However, Fannie waited the longest on Florida foreclosures.
According to the filing, the average amount of days between the last mortgage payment and the completion of the foreclosure process was 890 days in Florida on Fannie Mae loans. California, a nonjudicial state, was second at 529 days.
According to RealtyTrac, the longest foreclosure timeline in the country resides in New York at more than 1,000 days. But New York loans make up just 5.6% of the Fannie single-family book of business, according to the filing.
If you have equity in your home, we will sell your home and get top dollar in this challenging market, go to County Properties Marketing Homes.
To find out the value or your home. Click here for a free market evaluation !
If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45-60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R) CONSULTATION for loan modification and or selling. or go to www.ShortSaleRealtors4U.com
More questions we can help you, at County Properties, 25 years of brokerage experience, trust and a Member of the local Better Business Bureau! Want to know what your home is worth? Click here for a free market evaluation !
By the way…if you know of someone who would appreciate the level of service in real estate weprovide, please call me or have them go to www.CountyProperties.net and I’ll be happy to follow up and take great care of them.
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In 2011, Fannie reduced its REO inventory 27% to roughly 118,500, according to its fourth quarter financial filing. Levels increased every year since 2007.
For the first time since the collapse, Fannie sold more REO than it repossessed. In 2011, the government-sponsored enterprise acquired nearly 200,000 properties and sold more than 243,000, the most in the company’s history.
Total repossessions of REO homes declined nearly 24% from the year before, due mostly to the slowdown caused by servicers correcting affidavit and other documentation problems.
Fannie vendors continued to sell REO for slightly more than half of the unpaid principal balance left on the loan before foreclosure. In 2011, REO net sales price equaled roughly 55% of the UPB on the loan, down from 57% the year before. In 2006, it was 83%.
More than 23% of the Fannie Mae REO inventory is located in California, the most of any other state at the end of last year. The next closest is Florida, at 11.5%.
However, Fannie waited the longest on Florida foreclosures.
According to the filing, the average amount of days between the last mortgage payment and the completion of the foreclosure process was 890 days in Florida on Fannie Mae loans. California, a nonjudicial state, was second at 529 days.
According to RealtyTrac, the longest foreclosure timeline in the country resides in New York at more than 1,000 days. But New York loans make up just 5.6% of the Fannie single-family book of business, according to the filing.
If you have equity in your home, we will sell your home and get top dollar in this challenging market, go to County Properties Marketing Homes.
To find out the value or your home. Click here for a free market evaluation !
If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45-60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R) CONSULTATION for loan modification and or selling. or go to www.ShortSaleRealtors4U.com
More questions we can help you, at County Properties, 25 years of brokerage experience, trust and a Member of the local Better Business Bureau! Want to know what your home is worth? Click here for a free market evaluation !
By the way…if you know of someone who would appreciate the level of service in real estate weprovide, please call me or have them go to www.CountyProperties.net and I’ll be happy to follow up and take great care of them.
[gravityform id=12 name=StopForeclosure Now]