When will the banks finally sell off their millions of homes held on their books….the so-called ‘Shadow Inventory’?
Based on this (and many other reports featured on this site) banks are preparing for 2012 to be the start of the big sell off of REO homes.
A new plan to help the market that could make foreclosed homes a sought after commodity. Administration officials hope to have a pilot program in place by the end of this year or beginning of next year to sell-off the foreclosed properties currently on the books of Fannie Mae and Freddie Mac. Now, that’s a sizable amount. At the end of q-2 Fannie Mae had 136,000 single family foreclosed properties on its book. Freddie has nearly 61,000. Add FHA, it’s nearly 250,000.
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Recently they were selling more than they are taking in. As foreclosures are ramping up again, new foreclosures up 20% in August from July, it will get harder to keep up auctioning off properties in bulk could be the answer. They are preparing for responsibility that’s largely private equity firms. For smaller investors to get in, they need incentives. possibilities are tax rates, lower rate loans, getting rid of the cap on investor mortgages. This plan would have to have blessing of Fannie and Freddie’s regulators. They say they are working hard to ensure that we have engaged appropriate financial sector expertise. The return could be big. Rents are rising along with rental demand and as more americans move away from home ownership, the demand for single family rentals is even hotter.
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