There may be more HUD home bargains coming our way. With the mortgage melt down of 2008 FHA Loans were one of the only loans available for buyers. Since 2008 home values have continued to drop putting some home owners with new FHA loans under water. All HUD homes are FHA loans that have defaulted and have been taken back in foreclosure. Now is a great time to get with your registered HUD broker like Presidential Realty to see how you can take advantage of these opportunities.
See the article below
FHA REO inventory up 47% from one year ago
Tuesday, February 22nd, 2011, 6:20 pm
The Federal Housing Administration held 60,739 properties repossessed through foreclosure on its books as of December 2010, up 47% from the year before.
The current value of those properties is $9.1 billion, according to the FHA book of business report released Tuesday. Combined with Fannie Mae and Freddie Mac‘s third quarter numbers, the U.S. government holds roughly 360,000 REO properties.
Reselling these properties is key to driving the housing market into recovery. Estimates are wide-ranging on the size of this shadow inventory of foreclosed homes and delinquent loans still in the process.
Currently, the data provider CoreLogic (CLGX: 20.06 0.00%) estimates it to be at roughly 1.3 million properties for the entire industry. Capital Economics on Tuesday released a report estimating it to be closer to 5.3 million homes.
More could be coming in the way from the FHA alone. According to the report, nearly 600,000 mortgages are in serious delinquency. That represents 8.78% of the FHA insurance in force.
With such high levels of problem loans and devalued properties after foreclosure, house prices are expected to decline throughout 2011, Capital Economics said.
This article was posted on Housing Wire financial news for the mortgage market written by Jon Prior.
Prior, Jon.” FHA REO inventory up 47% from one year ago”
Housingwire. 22 February 2011
Presidential Realty Registered HUD Broker for APACHE JUNCTION, PHOENIX, CASA GRANDE, CHANDLER, FOUNTAIN HILLS, GILBERT, GLENDALE, GOODYEAR, HIGLEY, MARICOPA, MESA, PARADISE VALLEY, PEORIA, QUEEN CREEK, RIO VERDE, SCOTTSDALE, TEMPE, TOLLESON, SURPRISE, GOLD CAYNYON, AVONDALE, EL MIRAGE, LAVEEN, MARICOPA COUNTY, PINAL COUNTY AREAS
The Presidential Realty REO Division works directly with banks, mortgage lenders and asset management companies to assist in the sale of their bank-owned properties. The division also works with families in financial distress to help them sell their properties before foreclosure becomes the last resort as well as assists local investors in finding foreclosed properties available to rehab or rent.