Sorry!! The article you are trying to read is not available now.

U.S. Government Owns Nearly Half of All Lender Owned Houses

Print comment Post Comments
Here's a depressing statistic for you: the federal government's real estate owned (REO) inventory of homes has increased over the past two years to now account for 46% of the nation's total REO housing supply.

Based on information from the government-sponsored enterprises (GSEs) and Housing and Urban Development (HUD), the real estate analytics firm Radar Logic says the government currently owns 209,500 homes as a result of foreclosure, and estimates there could be an additional 9,560 homes held by the Veterans Administration (VA), to bring the total to 219,060 government-owned foreclosed homes.

But wait, there's more:

"In addition to the glut of homes already tagged as REOs, there is a growing number of non-performing loans soon heading for foreclosure that will raise the government’s stake in distressed property ownership significantly. According to estimates by Zillow and Lender Processing Services, 2.3 million U.S. homeowners are 30 to 90 days delinquent on their mortgages."

All told, there are 3.1 million homes either currently in the federal government’s REO inventory or headed toward it.

Happy Sixth of July.
POSITION:  No positions in stocks mentioned.