Fannie Mae, Freddie Mac and FHA continue to work through their backlogs of repossessed homes, with combined REO inventory as of June 30 down almost 10 percent from a year ago, to 183,381, Calculated Risk reports. That’s down almost 38 percent from a peak of 295,307 at the end of 2010. FHA’s REO inventory was up for the second quarter in a row, “something to watch,” the respected blog noted.
Other sources of REO properties include FDIC-insured institutions and subprime loans pooled into “private label” mortgage-backed securities not backed by Fannie, Freddie or FHA. Those have also been on the decline, Calculated Risk reports. Source: calculatedriskblog.com.