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Fannie, Freddie short sales hit record high

REO inventories down 36 percent from 2010 peak
Published on Jan 7, 2013

Loan servicers working on behalf of Fannie Mae and Freddie Mac signed off on a record number of short sales in the third quarter of 2012, according to a report from the mortgage giants' regulator, the Federal Housing Finance Agency (FHFA).Short sales and deeds-in-lieu of foreclosure totaled 37,966 for the three months ending Sept. 30, 2012, up 4 percent from the previous quarter and 23 percent from a year ago. Fannie and Freddie implemented accelerated timelines in June 2012 for reviewing and approving short-sale transactions.Fannie and Freddie short sales and deeds-in-lieu Right-click graph to enlarge. Source: Federal Housing Finance Agency.The mortgage giants' inventories of "real estate owned" (REO) homes also continued to decline, as Fannie and Freddie got rid of homes faster than they acquired them through foreclosures. During the first nine months of the year, Fannie and Freddie acquired 197,507 homes through foreclosure, and sold 218,321 REOs and foreclosed homes. Fan...

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