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Government responsible for nearly 250,000 repossessed properties
September 16th, 2011 7:47am
A recent MSN Money article explained that due to continued home repossessions, the government is now responsible for nearly 250,000 properties.
The number of repossessions has continued to increase as more homeowners are unable to make payments on their mortgages and default on their loans. Reports also show that a significant number of homes are still moving toward default, which would only raise the number of distressed properties for which the government is responsible.
In all, the country has close 800,000 repossession homes, meaning the government accounts for nearly one-third of this total.
To deal with the onset of more repossessions, officials from Freddie Mac, Fannie Mae and the Federal Housing Administration have discussed potential courses of action to unload the properties without affecting the currently depressed housing market. However, experts don't believe this will happen.
"They're stuck," Karen Shaw Petrou, a managing partner at Federal Financial Analytics, told the news source. "They don't know what to do."
While the national scene has become ugly, the Houston real estate market remains one of the better-performing, more-consistent sectors in the country, according to reports.
Mortgage delinquencies move lower in JanuaryAccording to Lender Processing Services, the total U.S. loan delinquency rate fell to 7 percent in January, down from 9 percent in December and from 8.3 percent during the same month in 2012March 11th, 2013 6:03am
MBA: Foreclosures hit four-year lowFewer people experienced foreclosure in the final three months of 2012, according to a new report from one of the foremost real estate industry sources.February 28th, 2013 3:52am
National foreclosure inventory declinesThe national foreclosure inventory thinned in August to the lowest level seen since the middle of 2010, which could be an indicator that the housing market recovery is well underway.October 5th, 2012 9:58am
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